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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Northlake is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Northlake, IL

How much do homes in Northlake, IL cost?

Median Sold Price

$289,900

$206/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$39,900(+16.0%)

Key Takeaway

Homes in Northlake have sold for 16% more than they did a year ago.

Summary: The median home sold price in Northlake was $289,900 in May 2024, up 16% from last year, and the median price per square foot was $206.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $86.5K$105.7K
+22.3%
2 $236.4K$177.5K
-24.9%
3 $257.5K$300K
+16.5%
4 $280K$325K
+16.1%
5+ $375K$377K
0.5%

Summary: Northlake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.3%, 2 bedroom homes decreased by 24.9%, 3 bedroom homes increased by 16.5%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes increased by 0.5%.

Median Sold Price Compared To Nearby Cities

Northlake
+16.0%
Franklin Park
+12.7%
Melrose Park
+3.4%
Stone Park
+1.7%
Berkeley
-4.6%

Housing Supply in Northlake, IL

How many homes are available in Northlake, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2233+50.0%

Summary: The Northlake real estate market had 33 homes for sale in May 2024, a 50.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 510
+100.0%
2 23
+50.0%
3 1115
+36.4%
4 13
+200.0%
5+ 32
-33.3%

Summary: The Northlake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 36.4%, 4 bedroom homes increased by 200%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
660.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Northlake, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Northlake in May 2024, the same as the previous month. Of the 6 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.

Days on Market for Northlake, IL

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

Average Sale Time

May 2023May 2024CHANGE
108 Days53 Days-50.5%

Summary: Homes in Northlake had an average of 53 days on market in May 2024, down by 50.5% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 6 homes were sold in Northlake; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% 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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