Is Niles, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Niles is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Niles, IL

How much do homes in Niles, IL cost?

Median Sold Price

$357,600

$237/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,600(+10.0%)

Key Takeaway

Homes in Niles have sold for 10% more than they did a year ago.

Summary: The median home sold price in Niles was $357,600 in May 2024, up 10% from last year, and the median price per square foot was $237.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $141K$164.2K
+16.5%
2 $255K$285K
+11.8%
3 $350K$382K
+9.1%
4 $420K$475K
+13.1%
5+ $602.5K$590K
-2.1%

Summary: Niles housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes decreased by 2.1%.

Median Sold Price Compared To Nearby Cities

Niles
+10.0%
Maine Township
+9.6%
Park Ridge
+7.1%
Morton Grove
+5.5%
Niles Township
+5.2%

Housing Supply in Niles, IL

How many homes are available in Niles, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
73109+49.3%

Summary: The Niles real estate market had 109 homes for sale in May 2024, a 49.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 59
+80.0%
2 2132
+52.4%
3 3247
+46.9%
4 1115
+36.4%
5+ 46
+50.0%

Summary: The Niles housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 80%, 2 bedroom homes increased by 52.4%, 3 bedroom homes increased by 46.9%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2333+43.5%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Niles, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.

Summary: A total of 33 homes were sold or pending in Niles in May 2024, up by 43.5% month-over-month. Of the 33 sold homes, 48% were sold under asking, 6% were sold at asking, and 45% were sold over asking.

Days on Market for Niles, IL

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

Average Sale Time

May 2023May 2024CHANGE
14 Days23 Days+63.3%

Summary: Homes in Niles had an average of 23 days on market in May 2024, up by 63.3% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 33 homes were sold in Niles; 85% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 6% 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

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