Is Morton Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morton Grove is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Morton Grove has remained a Seller's Market.

Key Takeaway

Morton Grove is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Morton Grove, IL

How much do homes in Morton Grove, IL cost?

Median Sold Price

$395,666

$243/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$20,683(+5.5%)

Key Takeaway

Homes in Morton Grove have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Morton Grove was $395,666 in May 2024, up 5.5% from last year, and the median price per square foot was $243.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $147.5K$157.5K
+6.8%
2 $253K$299.5K
+18.4%
3 $385K$401.5K
+4.3%
4 $450K$457.5K
+1.7%
5+ $592.5K$720K
+21.5%

Summary: Morton Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 21.5%.

Median Sold Price Compared To Nearby Cities

Niles
+10.0%
Morton Grove
+5.5%
Skokie
+5.4%
Niles Township
+5.2%

Housing Supply in Morton Grove, IL

How many homes are available in Morton Grove, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6274+19.4%

Summary: The Morton Grove real estate market had 74 homes for sale in May 2024, a 19.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 44
0.0%
2 1715
-11.8%
3 2736
+33.3%
4 810
+25.0%
5+ 69
+50.0%

Summary: The Morton Grove housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2813-53.6%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morton Grove, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Morton Grove in May 2024, down by 53.6% month-over-month. Of the 13 sold homes, 15% were sold under asking, 15% were sold at asking, and 69% were sold over asking.

Days on Market for Morton Grove, IL

How long does it take to sell a home in Morton Grove, IL?

Average Sale Time

May 2023May 2024CHANGE
14 Days7 Days-48.7%

Summary: Homes in Morton Grove had an average of 7 days on market in May 2024, down by 48.7% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Morton Grove are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 13 homes were sold in Morton Grove; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Morton Grove, IL

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