Is Southwest Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southwest Side is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Southwest Side, IL

How much do homes in Southwest Side, IL cost?

Median Sold Price

$260,863

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$10,863(+4.3%)

Key Takeaway

Homes in Southwest Side have sold for 4.3% more than they did a year ago.

Summary: The median home sold price in Southwest Side was $260,863 in May 2024, up 4.3% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $115K$122K
+6.1%
2 $195K$213.9K
+9.7%
3 $260K$270K
+3.8%
4 $250K$256.8K
+2.7%
5+ $278.1K$289.4K
+4.1%

Summary: Southwest Side housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 4.1%.

Median Sold Price Compared To Nearby Neighborhoods

Archer Heights
+12.3%
Garage Park
+6.7%
Southwest Side
+4.3%
Chicago Lawn
+2.9%
West Elsdon
0.0%

Housing Supply in Southwest Side, IL

How many homes are available in Southwest Side, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
728821+12.8%

Summary: The Southwest Side real estate market had 821 homes for sale in May 2024, a 12.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 910
+11.1%
2 7686
+13.2%
3 223253
+13.5%
4 172195
+13.4%
5+ 248277
+11.7%

Summary: The Southwest Side housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 11.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
173165-4.6%

Asking Price vs. Sold Price

75 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

68 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest Side, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Summary: A total of 165 homes were sold or pending in Southwest Side in May 2024, down by 4.6% month-over-month. Of the 165 sold homes, 45% were sold under asking, 13% were sold at asking, and 41% were sold over asking.

Days on Market for Southwest Side, IL

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

Average Sale Time

May 2023May 2024CHANGE
39 Days29 Days-24.1%

Summary: Homes in Southwest Side had an average of 29 days on market in May 2024, down by 24.1% compared to last year.

Breakdown of Home Sale Times

117 Homes Were Sold
Under 30 Days

36 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 165 homes were sold in Southwest Side; 71% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 7% 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 Southwest Side, IL

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