Is Mansfield, IL 61854 a buyer’s or seller’s market?
Mansfield is a seller’s market. With about 3.2 months of supply and 50% 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 Mansfield housing market right now
In the three months ending August 31, 2026, 50% of homes in Mansfield, IL 61854 sold above their list price, the typical home went under contract in 47 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 4 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 11%, homes sold faster (55 days then) and the median sale price rose 5% to $246,893. Overall, Mansfield is more competitive than a year ago, so tougher for buyers.
Within Piatt County, homes here sell faster than in 50% of the county’s ZIP codes, and sell more often over asking than in 88%.
Nearby, buyers who want less competition could look at La Place 61936 (0% sold over asking) or Hammond 61929 (0% sold over asking).
Run the numbers for 61854
Nearby markets
Atwood 61913Seller’s market $73 /sq ftBement 61813Buyer’s market $94 /sq ftCerro Gordo 61818Balanced $86 /sq ftCisco 61830 — /sq ft Browse all markets →Towns like Mansfield nearby
Find towns like Mansfield in other states →Where Mansfield is
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Questions about Mansfield real estate
Is Mansfield a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Mansfield, IL 61854 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 Mansfield?
The typical home went under contract in 47 days in the latest three months.
Do homes in Mansfield sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 101.8% of the list price.
What are property taxes in Mansfield?
About 1.81% of a home’s value a year in Piatt County, or roughly $7,240 on a $400,000 home.
What is the median home price in Mansfield?
The median sale price was $246,893 in the three months ending August 31, 2026, about $148 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