Is Shannon, IL 61078 a buyer’s or seller’s market?
Shannon is a seller’s market. With about 0.5 months of supply and 17% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Shannon housing market right now
In the three months ending August 31, 2026, 17% of homes in Shannon, IL 61078 sold above their list price, the typical home went under contract in 27 days and there were 0.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 6 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking was about the same (17% then), homes sold faster (35 days then) and the median sale price rose 38% to $198,914. Overall, Shannon is about as competitive as it was a year ago.
Within Carroll County, homes here sell faster than in 67% of the county’s ZIP codes, and sell less often over asking than in 67%.
Nearby, buyers who want less competition could look at Thomson 61285 (0% sold over asking) or Lanark 61046 (0% sold over asking), while Chadwick 61014 (100% sold over asking) and Milledgeville 61051 (50% sold over asking) are even more competitive.
Run the numbers for 61078
Nearby markets
Chadwick 61014Buyer’s market $70 /sq ftLanark 61046Seller’s market $141 /sq ftMilledgeville 61051Balanced $89 /sq ftMount Carroll 61053Balanced $82 /sq ft Browse all markets →Towns like Shannon nearby
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Questions about Shannon real estate
Is Shannon a buyer’s or seller’s market?
A seller’s market: there were 0.5 months of supply in Shannon, IL 61078 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Shannon?
The typical home went under contract in 27 days in the latest three months.
Do homes in Shannon sell over asking?
17% of homes sold above their original list price, and the typical sale closed at 97.7% of the list price.
What are property taxes in Shannon?
About 1.99% of a home’s value a year in Carroll County, or roughly $7,960 on a $400,000 home.
What is the median home price in Shannon?
The median sale price was $198,914 in the three months ending August 31, 2026, about $89 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology