Let's take a look at the Morton IL real estate market trends over the past six months. This report consists of properties that are located in Morton High School District. It includes all residential properties including single family and single family attached properties but does not include lots.
Morton IL Real Estate - Homes for Sale
There are currently (10/06/2019) 82 properties for sale. The average days on market is 72 and the median days on market is 49 days. The average list price is $245,446 and the median asking price is $187,200.
There are 16 properties that are pending, meaning that they have already accepted offers but have not yet closed. The pending ratio is 16% (16 divided by 82).
Morton homes that sold within the past 6 months
There have been 169 properties that have sold and closed within the last six months. The average original asking price was $217,999 and the final asking price (after price reductions) was $212,508. The average sales price was $205,239 so the final list price to sales price ratio was 97%. The median original asking price was $187,000 and the final median asking price was $180,000. The median sale price was $178,000 so the final median asking price to sales price ration was 99%.
The average days on market for sold properties was 45 days and the median days on market for sold properties was 17 days.
Morton homes that did not sell
There were 40 homes in the Morton IL real estate market that were listed for sale that came off of the market without selling. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time.
Market Absorption Rate
Analysis of the absorption rate for all properties in Morton High School District indicates an inventory of 2.9 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.
Average Asking Price$245,446
Median Asking Price$187,200
Average Sold Price$205,239
Median Sold Price$178,000
Morton IL Real Estate - Supply vs Demand
If there’s a one, two or three months’ supply of homes on the market, the demand exceeds the inventory so it’s considered a seller’s market. If there is a four or five-month supply of homes on the market, it's a balanced market. If there’s a six-month supply or more on the market, it's a buyer’s market.
Morton Real Estate Market Summary Table
Additional information about the Morton real estate market
Would you like more information on the Morton IL real estate market? Check out our simple to read five-page reports that are packed full of charts, graphs, spreadsheets, and commentary.
If you are looking to buy or sell a home in the Morton area, we would love to hear from you. Call us at (309) 693-1133 or Contact us here.