Is Palatine Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Palatine Township, IL

How much do homes in Palatine Township, IL cost?

Median Sold Price

$349,690

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,197(+9.5%)

Key Takeaway

Homes in Palatine Township have sold for 9.5% more than they did a year ago.

Summary: The median home sold price in Palatine Township was $349,690 in May 2024, up 9.5% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $126.7K$155K
+22.3%
2 $225K$256K
+13.8%
3 $335.8K$371.5K
+10.6%
4 $484.5K$505K
+4.2%
5+ $647.5K$627.5K
-3.1%

Summary: Palatine Township 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 increased by 13.8%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes decreased by 3.1%.

Median Sold Price Compared To Nearby Cities

Palatine
+11.0%
Rolling Meadows
+9.9%
Palatine Township
+9.5%
Inverness
+3.6%
Deer Park
-2.7%

Housing Supply in Palatine Township, IL

How many homes are available in Palatine Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
355423+19.2%

Summary: The Palatine Township real estate market had 423 homes for sale in May 2024, a 19.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 3027
-10.0%
2 106127
+19.8%
3 100131
+31.0%
4 8695
+10.5%
5+ 3343
+30.3%

Summary: The Palatine Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 30.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
120136+13.3%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

82 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine Township, you could pay more than the asking price. 60.3% of homes here sold above asking price last month.

Summary: A total of 136 homes were sold or pending in Palatine Township in May 2024, up by 13.3% month-over-month. Of the 136 sold homes, 27% were sold under asking, 13% were sold at asking, and 60% were sold over asking.

Days on Market for Palatine Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
14 Days11 Days-19.8%

Summary: Homes in Palatine Township had an average of 11 days on market in May 2024, down by 19.8% compared to last year.

Breakdown of Home Sale Times

122 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 136 homes were sold in Palatine Township; 90% of homes were sold within 30 days, 10% 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 Palatine Township, IL

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