62540 ZIP Code Housing Market
$161,250median sale price
Quick answer: The median home sale price in ZIP code 62540 is $161,250, up 24.0% year-over-year. Homes sell in an average of 61 days. The market is currently a leaning buyer's.
62540 market data
| Metric | Value |
|---|---|
| Median sale price | $161,250 |
| Median list price | $165,000 |
| Year-over-year price change | +24.0% |
| Average days on market | 61 days |
| Sale-to-list price ratio | 98.0% |
| Market condition | Leaning buyer's |
Source: Redfin · Updated weekly
The 62540 zip code, located in Sherrard, IL, is currently classified as a leaning buyer's. The median sale price stands at $161,250, representing a +24.0% change year over year. Homes in this area spend an average of 61 days on the market before going under contract.
Understanding zip-code-level data is essential for making informed real estate decisions. City-wide averages can mask significant variation between neighborhoods, and the 62540 market may perform differently from surrounding areas depending on local school quality, proximity to employment centers, and housing stock characteristics. The metrics below are sourced from Redfin transaction data, Zillow home value estimates, and U.S. Census Bureau demographic statistics.
Homes sold
4
Last 12 weeks
Days on market
61
Average pace
Active listings
—
Sale-to-list
98.0%
Below asking
Market trends
Market analysis for 62540
The 62540 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a leaning buyer's, homes are selling at approximately 98.0% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 62540 have increased +24.0% compared to last year, suggesting continued demand and potential for further appreciation. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 62540 stands at $108,622, which represents Zillow's estimate of the typical home value in the area. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Community profile
Population
1,297
Median income
$70,179/yr
Median age
51.5 years
Owner-occupied
7552.0%
College grads
917.0%
Avg commute
21.68 min
Living in 62540
Zip code 62540 is home to approximately 1,297 residents. The median household income is $70,179 per year, which shapes the types of homes and amenities available in the area. With a median age of 51.5 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 7552.0% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 917.0% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 21.68 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 62540.
Frequently asked questions about 62540
What is the median home price in 62540?
The current median sale price in 62540 is $161,250, based on recent Redfin transaction data. Prices have changed +24.0% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 62540 a buyer's or seller's market?
The 62540 zip code is currently classified as a leaning buyer's. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population and demographics of 62540?
Zip code 62540 has a population of approximately 1,297 residents. The median household income is $70,179 per year. About 7552.0% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 62540?
Properties Incorporated provides comprehensive data for 62540 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 62540 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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