April 2025 Kankakee Real Estate Market Overview

The Kankakee, Illinois area housing market remains strong and competitive as of April 2025. Home prices are rising, properties are selling faster than last year, and inventory is still very tight. Below is a detailed look at current market trends – including prices, sales activity, inventory, competitiveness, and mortgage rates – with comparisons to last month and last year for context.

Key Market Metrics (April 2025 At-a-Glance)

Median Sale Price (Mar 2025): Approximately $160,000, which is about +3% year-over-year (up from ~$155K in March 2024) . This is also a jump from roughly $139,000 in February 2025 as the spring market picked up . (Note: In the broader Kankakee County area, median prices are higher – around $190K as of late winter – but with smaller annual growth .)
Homes Sold: 27 homes were sold in March 2025 in the Kankakee area . Sales volume has increased compared to last year – for example, 26 homes sold in Feb 2025 vs. 16 in Feb 2024 (a ~62% jump) – indicating strong buyer demand this spring.
Days on Market: ~41 days (average) to sell in Mar 2025, which is 27% faster than a year ago (homes spent ~57 days on market in Mar 2024) . Many listings are moving quickly; about 63% of March sales went under contract within 30 days .
Inventory (Active Listings): Around 126 active listings in March 2025 , a slight increase (+2.4%) from February’s inventory as more sellers list in spring . However, supply remains very low by historical standards – essentially only ~4–5 months of supply, which is below the ~6 months typically considered a balanced market. Statewide data show inventory is just barely up (+1.7% YoY in March) after 15 months of historically low supply .
Market Balance: Seller’s Market. Demand still exceeds supply in the Kankakee area, favoring sellers . Nearly 60% of recent sales have closed at or above the asking price (with ~33% selling over list price) . Multiple offers are not uncommon on well-priced homes, though on average buyers are paying slightly below list (~97–98% of asking) in this market .
30-Year Mortgage Rates (Apr 2025): ~6.8% on average for a 30-year fixed, which is down a bit from ~7% a year ago. In March 2025, the average 30-year rate was 6.65%, improved from 6.84% in Feb 2025 and from about 6.82% in March 2024 . As of late April, rates hover in the mid-6% range (Freddie Mac’s weekly survey was ~6.83% in mid-April) . Rates remain high compared to the ultra-low levels of a few years ago, but this slight decline from last spring may be providing some relief to buyers.

Home Prices Trend ⬆️

Home prices in Kankakee continue to climb. The median sale price for the area is around $160,000 as of March 2025, which is a modest increase of ~3% compared to the same time last year . Last spring, median prices were roughly $155K, so values have edged up year-over-year. On a month-to-month basis, prices jumped from winter into spring – February’s median was about $139K , and by March it reached $160K, reflecting the typical spring upswing in pricing as more higher-priced homes sell and buyer competition heats up.

It’s worth noting that home values vary by location within the Kankakee area. The ~$160K median encompasses the City of Kankakee itself . In the broader Kankakee County (including surrounding towns like Bradley, Bourbonnais, etc.), prices tend to be higher – for example, the county-wide median was about $190K in the late winter . Those outlying communities often have newer or larger homes, which pushes the median up. Even so, across virtually all parts of the Kankakee market, prices are higher than a year ago, showing continued appreciation. Compared to April 2024, when the market was already strong, April 2025 prices are slightly higher – not skyrocketing, but maintaining a steady upward trend year-on-year.

Why prices are rising: The increase is largely driven by high demand and limited supply (discussed below). With relatively few homes on the market and plenty of buyers, sellers have the advantage in pricing. That said, the price growth in Kankakee appears more moderate than some hotter metro areas. The 3–5% annual price increase we’re seeing now is a healthy, sustainable pace – far less volatile than the double-digit surges some cities experienced in recent years. (One data source did show an eye-popping ~39% yearly jump for Kankakee’s median in one recent month , but that likely reflects a small sample quirk; the overall trend is a gentler rise.) Bottom line: Expect home prices to remain slightly higher than last year this spring, especially if buyer demand stays strong.

Sales Activity & Market Demand 🌤️

Buyer activity is robust this spring in the Kankakee area. The number of home sales has increased compared to last year, which is notable given the low inventory. For instance, this past February saw 26 homes sold, up from just 16 sales in February 2024 . That’s a 62% year-over-year jump in transactions during the winter off-season. March continued the trend with 27 homes sold in Kankakee (city) as the spring market ramped up . Early indications are that April 2025 sales are keeping pace or higher than April 2024 as well, thanks to eager buyers in the market.

Several factors are driving this demand. Pent-up buyer interest (especially among first-time buyers seeking affordable homes) is colliding with the very limited supply, creating competition for available properties. Kankakee remains a seller’s market – meaning there are more buyers looking than there are homes for sale . According to Rocket Homes’ analysis, Kankakee has “remained a Seller’s Market” since last year . In practical terms, this means sellers often receive strong offers and buyers have to act decisively.

Buyers are out in force despite rising prices and higher interest rates, perhaps motivated by the slightly lower mortgage rates than late 2024 and by a desire to buy before prices or rates climb further. Statewide trends also mirror this dynamic: even with affordability headwinds, “serious buyers are stepping in decisively when properties are priced and positioned well,” as the Illinois REALTORS® President noted in a recent March report . In Kankakee, well-priced listings are seeing plenty of foot traffic at open houses and, in some cases, multiple offers soon after listing.

Compared to last year: Buyer demand in April 2025 appears as high as or higher than April 2024. Last spring, the market was beginning to adjust to rising rates, but now buyers seem acclimated. The increase in closed sales and quick market times (see below) suggests more buyers are competing now than a year ago. The backdrop of slightly lower interest rates than April 2024 (about 6.8% now vs. ~7% then) could be helping bring out more buyers, as even a small rate drop improves affordability a bit. All in all, buyer activity is strong – good news for sellers, while buyers face a competitive environment.

Inventory Levels & Housing Supply 📉

Housing inventory remains very low in the Kankakee area, continuing to constrain the market. As of the end of March 2025 (the latest data), there were only about 126 active listings in the Kankakee market . This is an extremely limited supply of homes for sale, given the buyer demand. In fact, by calculating the months of supply (how long the current inventory would last at the recent sales pace), we get roughly 4.5 months of supply – which is below the ~6-month level typically considered a balanced market. Less than 5 months of supply firmly indicates a seller’s market, where inventory is insufficient to meet buyer demand.

The good news is that inventory has inched up slightly from winter levels. The 126 active listings in March marked a 2.4% increase from February 2025 , as the spring selling season brings more properties to market. We expect April’s inventory to be a bit higher than March’s as well, following the normal seasonal trend (sellers prefer to list in spring). However, any gains in supply are small. Compared to a year ago, inventory is about flat or only marginally higher. Statewide, March housing supply was only 1.7% higher than March 2024, and overall inventory is still at “historically low levels” for the past 15 months . Locally, the Kankakee market in April 2024 was also very tight on listings, so April 2025’s slight increase hasn’t fundamentally changed the low-supply situation.

New listings are being snapped up almost as quickly as they come. Many homeowners remain hesitant to sell (some are locked into low mortgage rates from prior years, others unsure where to move next), which keeps a lid on how many new homes hit the market. Thus, buyers don’t have a wide selection, and each new listing that is priced reasonably tends to attract attention.

For context, Kankakee County’s population and housing stock mean that a few hundred homes for sale would be a more normal level. Right now, with only ~125 on the market, choices are limited. This lack of inventory is propping up home prices (as noted above) and forcing buyers to compete. Homes that do come up for sale in good condition are often sold quickly, keeping the available inventory consistently low month after month.

Takeaway: The Kankakee area inventory in April 2025 is slightly higher than in March and last spring, but not by much. The market still has a shortage of homes for sale. Until we see a bigger increase in listings (for example, through new construction or more existing owners deciding to sell), the market will remain supply-constrained. Sellers should capitalize on this low inventory, while buyers should be prepared for limited options and act fast when a fitting home appears.

Days on Market & Competitiveness ⏱️🔥

Homes in Kankakee are selling faster now than they were a year ago, reflecting the high demand and limited supply. In March 2025, the average time on market before a sale was about 41 days . A year prior, the average was around 57 days, so sales are happening roughly two weeks quicker on average (nearly a 27% reduction in days on market) . Similarly, Redfin’s data for Kankakee showed the median days on market was 67 days in Feb 2025, down from 78 days in Feb 2024 – a trend of faster sales. In other words, homes are spending less time on the market before going under contract compared to last spring.

Many homes are going under contract very quickly: According to Rocket Homes, 63% of the homes sold in March were on the market for less than 30 days before they sold . Only about 22% sat for over 90 days unsold . This means the majority of listings are getting snatched up within a month, a clear sign of an aggressive spring market. Well-maintained, well-priced homes can even sell in just a couple of weeks or less. Homes that linger beyond 2–3 months are increasingly the minority, often those that started overpriced or need significant updates.

The market competitiveness is also evident in pricing and offers:

Sale Price vs. List Price: On average, homes are selling for about 97% of their asking price in Kankakee . Many sellers are still able to get close to their list price. In fact, about 26% of March sales were at the full list price, and 33% sold above list price . That means nearly 60% of sellers received at least their asking price. However, not every home is a bidding war – roughly 40% sold below list, and overall sale-to-list ratio (97%) is just slightly under 100%, indicating modest bargaining on average .
Multiple offers: The Redfin Compete Score rates Kankakee as a “somewhat competitive” market . This translates to some homes receiving multiple offers (especially those that are updated and priced right), while others might only get one offer after a few weeks. Redfin notes that “the average home sells for about 4% below list and goes pending in around 54 days, but hot homes can sell for ~2% above list and go pending in ~31 days” . So, the top tier listings (“hot homes”) are selling quickly and even above asking, whereas more average listings might take a month or two and see minor price negotiations.

Compared to April 2024, the market is slightly less frenzied in terms of bidding wars, but still very competitive. Last year, a higher percentage of homes were selling above asking price – the data shows the share of homes sold above list has dropped about 14 percentage points from a year ago (from ~56% to 42% now) . This suggests that while buyers are active, they may be a bit more price-conscious than during the white-hot market of the pandemic era. Some listings now require small price reductions (about 14% of homes had a price drop, which is actually 7 points fewer than last year – meaning fewer sellers had to cut price) . In sum, April 2025’s market remains very competitive, though not irrational – buyers are bidding, but generally within reason.

For a local seller or buyer: expect a competitive environment. If you’re selling, you can anticipate strong interest and possibly multiple offers if your home shows well. If you’re buying, be prepared to move quickly with a serious offer (potentially above asking price for a desirable home). The fact that homes are selling faster and at prices near or above list underscores the importance of timing and strategy in this market.

Mortgage Rate Trends 💰📈

Mortgage interest rates in April 2025 are slightly lower than they were a year ago, but still much higher than in the pre-2022 era. For a 30-year fixed-rate mortgage, the average rate is hovering in the mid-6% range. As of mid-to-late April, national averages put the 30-year fixed around 6.8%–6.9% . Freddie Mac’s weekly survey in the second week of April showed 6.83% for a 30-year fixed , and Bankrate’s average was about 6.95% . These rates have been fairly steady in recent months, fluctuating only a bit week to week.

Comparison to last month and last year: We’ve seen a small decline in rates since earlier this year and since last spring. In March 2025, the average 30-year rate was ~6.65%, which was down from about 6.84% in February 2025 . A year ago, in March 2024, the 30-year average was roughly 6.82% . So year-over-year, rates are a tad lower (by a few tenths of a percent). For context, rates peaked above 7% in late 2023, so the first part of 2025 has seen them ease off those highs. April 2024 (one year ago) had rates right around 6.9–7.0%, very similar to where we are in April 2025 . Essentially, rates are flat to slightly down from last spring – we’re not seeing the big jumps that occurred in 2022, but nor have rates fallen dramatically.

These interest rate trends are crucial for buyers and sellers. At ~6.5–7%, borrowing costs are much higher than the 3–4% loans of a couple years ago, which affects affordability. For example, the Illinois REALTORS® report notes that the state’s average 30-year rate in March was 6.65%, and that was “down from 6.84% the previous month” . The slight decline may be encouraging some buyers who were on the fence. Industry forecasts (NAR, MBA, etc.) generally predict rates staying in the mid-6% range for much of 2025, with potential gradual declines late in the year, but nothing drastic in the short term.

Impacts on the Kankakee market: The fact that rates have stabilized in the mid-6s has likely helped keep the market moving. Buyers have adjusted their expectations and budgets to these rates. Affordability is still a concern – high rates plus rising home prices mean monthly payments are hefty. This could be one reason why Kankakee’s price growth is moderate; buyers simply can’t stretch much beyond current price levels without relief from rates. Sellers, meanwhile, know that most buyers are monthly-payment sensitive, so pricing a home reasonably is important to attract offers. The current rates also mean some potential sellers with older 3% mortgages are reluctant to move (contributing to low inventory).

In summary, April 2025 mortgage rates ~6.8% are slightly friendlier than April 2024’s ~7% , but they remain a significant factor in the market. Keeping an eye on interest rate changes is important: even a quarter-point shift can influence buyer demand and price competition. For now, rates are providing a stable backdrop to the Kankakee real estate scene – no big swings, just a high-cost environment that both buyers and sellers are navigating.

Year-Over-Year & Month-Over-Month Highlights 📊

To recap the changes from last year (April 2024) to now (April 2025), as well as since last month (March 2025):

Prices: Up 3–5% vs. last year (typical home values slightly higher in 2025 than 2024) . Prices also rose from last month, as March/April tend to bring higher prices than winter . The median sale price $160K now is a bit above where it was in early spring 2024 ($155K).
Sales Volume: Higher than last year. Spring 2025 is seeing more closed sales than Spring 2024 did (e.g. +62% Feb YoY) , indicating stronger demand. Compared to March 2025, April’s sales will likely be slightly higher simply due to seasonality (April often tops March in sales).
Days on Market: Lower (faster) than last year. Homes are selling about 1–2 weeks quicker on average than in April 2024 . We’ve gone from roughly two months on market down to about 1 to 1.5 months on market. Versus last month, time on market in April is probably similar or even a touch faster than March as buyer activity peaks.
Inventory: Nearly unchanged year-over-year, still very low . There are only a few more homes for sale now than last April (if any) – essentially flat YoY inventory at historically low levels. Month-over-month, April’s active listings are slightly up from March as we see the seasonal uptick, but supply remains thin.
Market Type: Still a Seller’s Market, same as last year . There has been no shift to buyer’s market despite higher rates – if anything, conditions for sellers are similar or even a bit better than a year ago, given quicker sales. Competitive metrics like sale-to-list price are roughly on par with last year (97–98% of asking, only a hair lower YOY ).
Mortgage Rates: Slightly lower than April 2024. Around 6.8% now vs ~7.0% then, so about 0.1–0.3 percentage point improvement . Compared to a month ago, rates in April are in the same ballpark or down a touch from March’s average of 6.65%.

Overall, the Kankakee real estate market in April 2025 is characterized by marginal improvements over last year: a little more inventory, slightly lower interest rates, and gently higher prices. However, the big picture remains the same – demand outpaces supply. The market is highly competitive with homes selling quickly and often at top dollar. For a local real estate agent’s clients, the advice is clear: sellers should enjoy the leverage they have (but still price realistically to tap into eager buyers), and buyers need to be prepared, pre-approved, and proactive to successfully purchase in this tight market.

Sources:

Rocket Homes, Kankakee Housing Market Report – March 2025 (home price, days on market, and competitiveness data)
Redfin, Kankakee, IL Housing Market Trends (median price, sales, sale-to-list, and competition insights)
Redfin, Kankakee County, IL Housing Market (broader area median price and sales context)
Rocket Homes, Kankakee Housing Supply – March 2025 (active listings and inventory change)
Illinois REALTORS®, Market Stats – March 2025 Press Release (statewide inventory trend and mortgage rate averages)
FingerLakes1 News, Mortgage Rates Today: April 23, 2025 (national average mortgage rates in April 2025)
Freddie Mac PMMS via GlobeNewswire (weekly mortgage rate trend showing 30-year at 6.62%–6.83% in April 2025 vs ~7% in 2024)