Homes for Sale Under 400K in Kankakee, IL

293 Homes for Sale

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Kankakee, IL Housing Market Overview

Kankakee's housing market is evenly balanced between buyers and sellers. This creates fair negotiating conditions for both parties. With a 1.08-month supply of homes and properties spending 50 days on the market on average, both buyers and sellers have equal opportunity to achieve favorable outcomes.

Status

Balanced Market

Days on Market

50

Inventory

293

Aug 2021May 2024Jul 2026

Median Home Price

$227,500Up 22.97%

In Jul 2026 · YoY

Aug 2021May 2024Jul 2026

Mortgage Rates 30-Yr Fixed

6.23%Down 0.58%

Current rate · YoY

Loan Type

30-Year Fixed

Housing Supply

Homes For Sale
293 Down 21.69%
Newly Listed Homes
22 Down 37.14%
Months of Supply
1.1 Up 8.33%

Housing Demand

Homes Sold
60 Down 27.71%
Sale-to-List Ratio
98.6% Up 1.73%
Homes Sold Above List
29.2% Up 31.28%

30-yr fixed rate 6.23% · Data as of Jul 2026 · Source: Houzeo Research.

View Full Kankakee Market Report
  • mls-img
    This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC through Sep 1, 2026, 4:45 AM. Midwest Real Estate Data, LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.

    Based on information submitted to the MLS GRID as of Sep 1, 2026, 4:45 AM. All data is obtained from various sources and has not been, and will not be, verified by broker or MLS GRID. Supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. This website may not include listings or property addresses of sellers who have directed their listing brokers to withhold their listing or their property address from display on the Internet. Some IDX listings have been excluded from this website. Information is provided exclusively for consumers’ personal non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID, MRED or Houzeo. The use of the MLS GRID Data may be subject to an end user license agreement. Properties displayed may be listed or sold by various participants in the MLS,

    Listings courtesy of MRED as distributed by MLS GRID. ©2025 Midwest Real Estate Data LLC. All Rights Reserved

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Kankakee, IL Housing Marketlink qauare
Homes Available icon

293

Homes Available

Median List Price icon

$ 227,500

Median List Price

Avg on Market icon

50 Days

Avg on Market

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