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 March 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

$348,750

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$32,500(+10.3%)

Key Takeaway

Homes in Addison have sold for 10.3% more than they did a year ago.

Summary: The median home sold price in Addison was $348,750 in March 2024, up 10.3% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $112K$120.5K
+7.6%
2 $197.4K$261K
+32.2%
3 $312K$340K
+9.0%
4 $424K$467K
+10.1%
5+ $465K$572.5K
+23.1%

Summary: Addison housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.6%, 2 bedroom homes increased by 32.2%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 23.1%.

Median Sold Price Compared To Nearby Cities

Addison
+10.3%
Addison Township
+5.9%
Wood Dale
+1.6%
Villa Park
+1.5%
Elmhurst
-4.4%

Housing Supply in Addison, IL

How many homes are available in Addison, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
5072+44.0%

Summary: The Addison real estate market had 72 homes for sale in March 2024, a 44.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 23
+50.0%
2 912
+33.3%
3 2541
+64.0%
4 99
0.0%
5+ 57
+40.0%

Summary: The Addison housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 64%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
813+62.5%

Asking Price vs. Sold Price

3 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 could pay more than the asking price. 69.2% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Addison in March 2024, up by 62.5% month-over-month. Of the 13 sold homes, 23% were sold under asking, 8% were sold at asking, and 69% 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

Mar 2023Mar 2024CHANGE
22 Days10 Days-52.6%

Summary: Homes in Addison had an average of 10 days on market in Mar 2024, down by 52.6% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 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 March 2024, 13 homes were sold in Addison; 85% of homes were sold within 30 days, 15% 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 17 Days Ago

Newest Listings in Addison, IL

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