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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Addison is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Addison, IL

How much do homes in Addison, IL cost?

Median Sold Price

$350,000

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$20,050(+6.1%)

Key Takeaway

Homes in Addison have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Addison was $350,000 in May 2024, up 6.1% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $116K$130.5K
+12.5%
2 $220K$257.5K
+17.0%
3 $319K$350K
+9.7%
4 $415K$479K
+15.4%
5+ $470.2K$572.5K
+21.7%

Summary: Addison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 21.7%.

Median Sold Price Compared To Nearby Cities

Addison Township
+6.9%
Addison
+6.1%
Wood Dale
+5.5%
Villa Park
+5.5%
Elmhurst
+1.0%

Housing Supply in Addison, IL

How many homes are available in Addison, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
8075-6.3%

Summary: The Addison real estate market had 75 homes for sale in May 2024, a 6.3% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 52
-60.0%
2 1520
+33.3%
3 4034
-15.0%
4 1415
+7.1%
5+ 64
-33.3%

Summary: The Addison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 15%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3020-33.3%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Addison, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Addison in May 2024, down by 33.3% month-over-month. Of the 20 sold homes, 50% were sold under asking, 5% were sold at asking, and 45% were sold over asking.

Days on Market for Addison, IL

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

Average Sale Time

May 2023May 2024CHANGE
24 Days15 Days-37.7%

Summary: Homes in Addison had an average of 15 days on market in May 2024, down by 37.7% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 20 homes were sold in Addison; 80% of homes were sold within 30 days, 20% 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 13 Days Ago

Newest Listings in Addison, IL

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