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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Waukegan is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Waukegan, IL

How much do homes in Waukegan, IL cost?

Median Sold Price

$224,991

$159/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$24,991(+12.5%)

Key Takeaway

Homes in Waukegan have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Waukegan was $224,991 in May 2024, up 12.5% from last year, and the median price per square foot was $159.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $63K$72K
+14.3%
2 $173K$190K
+9.8%
3 $205K$225K
+9.8%
4 $237K$268K
+13.1%
5+ $249.5K$255K
+2.2%

Summary: Waukegan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 2.2%.

Median Sold Price Compared To Nearby Cities

Waukegan
+12.5%
Waukegan Township
+11.4%
Warren Township
+8.5%
Beach Park
+1.2%

Housing Supply in Waukegan, IL

How many homes are available in Waukegan, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
131150+14.5%

Summary: The Waukegan real estate market had 150 homes for sale in May 2024, a 14.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 3137
+19.4%
3 5564
+16.4%
4 3434
0.0%
5+ 913
+44.4%

Summary: The Waukegan 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 19.4%, 3 bedroom homes increased by 16.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 44.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4641-10.9%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Waukegan, you could pay more than the asking price. 41.5% of homes here sold above asking price last month.

Summary: A total of 41 homes were sold or pending in Waukegan in May 2024, down by 10.9% month-over-month. Of the 41 sold homes, 37% were sold under asking, 22% were sold at asking, and 41% were sold over asking.

Days on Market for Waukegan, IL

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

Average Sale Time

May 2023May 2024CHANGE
31 Days19 Days-38.3%

Summary: Homes in Waukegan had an average of 19 days on market in May 2024, down by 38.3% compared to last year.

Breakdown of Home Sale Times

33 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 41 homes were sold in Waukegan; 80% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 2% 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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