Joliet, IL 60431 Real Estate Market Report

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

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

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. The primary indicator, median sold price, is 306,500 and serves as the representative recent sale level; with the median listing price at 349,900, this gap suggests seller expectations exceed transaction prices and may indicate pricing friction between ask and achieved values.
2. The market shows slower transaction velocity: the median days on market is 257, which points to extended marketing times and slower sales velocity that may require more aggressive pricing or concessions to accelerate closings.
3. Market temperature is reported as neutral while the price year-over-year trend is down; simultaneously, rent year-over-year trend is up with a median market rent of 2,535, indicating stronger rental demand even as sale prices ease.
4. Interest rate pressure is characterized as elevated, though local 30-year fixed mortgage rates average 6.53%, which the data notes is 0.36% lower than the 6.89% market average observed one year ago; combined with the relatively constrained active supply in the sample, this mix suggests cautious buyer affordability and measured seller pricing strategies.

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.