Joliet, IL 60431 Real Estate Market Report
ZIP Code: 60431
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Joliet, IL are approximately 6.35%, which is 0.48% higher than the 5.87% average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The neighborhood's primary market indicator, the median sold price, is $304,500, which reflects realized transaction values and suggests current market value is materially below asking expectations given the spread with the median listing price; this gap may indicate pricing friction between sellers and recent buyers.
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Sales velocity appears slow relative to typical suburban markets: the median days on market is 256, which suggests a longer marketing period and slower transaction velocity rather than rapid turnover.
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Sample analysis indicates relatively constrained active supply alongside a median listing price of $365,000, a relationship that may sustain upward pressure on achievable sale prices if demand remains steady; price-side momentum should be monitored.
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Rental and financing context favors continued demand for holding or converting properties: the median market rent is $2,550 with rent year-over-year trend up, while interest rate pressure is elevated (current 30-year fixed mortgage rates reported around 6.35%, about 0.48% higher than the referenced February 2026 average), which may constrain some buyer affordability and support rental demand.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold at market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold above market average
Joliet, IL 60431 Real Estate Market Report
ZIP Code: 60431
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Joliet, IL are approximately 6.35%, which is 0.48% higher than the 5.87% average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary market value indicator is the median sold price 233,000, which combined with a median days on market of 288 suggests slower transaction velocity and pricing friction around representative recent sales.
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The neighborhood shows a strong unit economics signal with a median price per square foot of 170, and broader price direction is up, indicating ongoing appreciation pressure on comparable SFR and condo listings.
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Rent-side fundamentals are supportive for landlords and investors with a median market rent of 2,365 and a rent year-over-year trend that is up, signaling sustained rental demand in the area.
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Interest-rate and financing conditions are a material headwind: interest rate pressure is elevated, mortgage costs in the area are reflected in the property rate comparison (current 30-year fixed ~6.35%, 0.48% higher than the February 2026 average), while overall marketTemperature remains neutral, suggesting balanced buyer–seller dynamics despite financing stress.
Notable Properties
The following 6 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 2.2% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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