Is Tallula, IL 62688 a buyer’s or seller’s market?
Tallula is a balanced market. With about 4.8 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
The Tallula housing market right now
In the three months ending August 31, 2026, 0% of homes in Tallula, IL 62688 sold above their list price, the typical home went under contract in 18 days and there were 4.8 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. With only 2 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking fell from 75%, homes sold about as fast and the median sale price fell 67% to $60,974. Overall, Tallula is less competitive than a year ago, which gives buyers more room.
Within Menard County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.
Nearby, Oakford 62673 (50% sold over asking) and Athens 62613 (36% sold over asking) are even more competitive.
Run the numbers for 62688
Nearby markets
Athens 62613Seller’s market $141 /sq ftGreenview 62642Buyer’s market $119 /sq ftOakford 62673Seller’s market $92 /sq ftPetersburg 62675Seller’s market $133 /sq ft Browse all markets →Where Tallula is
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Questions about Tallula real estate
Is Tallula a buyer’s or seller’s market?
A balanced market: there were 4.8 months of supply in Tallula, IL 62688 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 Tallula?
The typical home went under contract in 18 days in the latest three months.
Do homes in Tallula sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 74.5% of the list price.
What are property taxes in Tallula?
About 1.72% of a home’s value a year in Menard County, or roughly $6,880 on a $400,000 home.
What is the median home price in Tallula?
The median sale price was $60,974 in the three months ending August 31, 2026, about $53 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