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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Skokie is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Skokie, IL

How much do homes in Skokie, IL cost?

Median Sold Price

$389,999

$235/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$19,999(+5.4%)

Key Takeaway

Homes in Skokie have sold for 5.4% more than they did a year ago.

Summary: The median home sold price in Skokie was $389,999 in May 2024, up 5.4% from last year, and the median price per square foot was $235.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $175K$151.2K
-13.6%
2 $270K$286K
+5.9%
3 $382.5K$410K
+7.2%
4 $541.8K$540K
-0.3%
5+ $585K$665K
+13.7%

Summary: Skokie housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.6%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes increased by 13.7%.

Median Sold Price Compared To Nearby Cities

Lincolnwood
+11.8%
Evanston Township
+6.3%
Morton Grove
+5.5%
Skokie
+5.4%
Niles Township
+5.2%

Housing Supply in Skokie, IL

How many homes are available in Skokie, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
188211+12.2%

Summary: The Skokie real estate market had 211 homes for sale in May 2024, a 12.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1616
0.0%
2 5564
+16.4%
3 7381
+11.0%
4 2830
+7.1%
5+ 1620
+25.0%

Summary: The Skokie 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 increased by 16.4%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4970+42.9%

Asking Price vs. Sold Price

33 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Skokie, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 70 homes were sold or pending in Skokie in May 2024, up by 42.9% month-over-month. Of the 70 sold homes, 47% were sold under asking, 19% were sold at asking, and 34% were sold over asking.

Days on Market for Skokie, IL

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

Average Sale Time

May 2023May 2024CHANGE
26 Days14 Days-44.8%

Summary: Homes in Skokie had an average of 14 days on market in May 2024, down by 44.8% compared to last year.

Breakdown of Home Sale Times

61 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 70 homes were sold in Skokie; 87% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 3% 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 Skokie, IL

Nearby Markets to Skokie, IL

What housing markets are near Skokie, IL?