Is Chicago Ridge, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chicago Ridge is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Chicago Ridge, IL

How much do homes in Chicago Ridge, IL cost?

Median Sold Price

$180,750

$154/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$15,250(+9.2%)

Key Takeaway

Homes in Chicago Ridge have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in Chicago Ridge was $180,750 in March 2024, up 9.2% from last year, and the median price per square foot was $154.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $88.5K$103K
+16.4%
2 $131.7K$155K
+17.6%
3 $271K$265K
-2.2%
4 $270.1K$285K
+5.5%
5+ $429.9K$455K
+5.8%

Summary: Chicago Ridge housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 17.6%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 5.8%.

Median Sold Price Compared To Nearby Cities

Worth
+22.9%
Chicago Ridge
+9.2%
Worth Township
+6.5%
Bridgeview
+6.1%
Oak Lawn
+4.6%

Housing Supply in Chicago Ridge, IL

How many homes are available in Chicago Ridge, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
2833+17.9%

Summary: The Chicago Ridge real estate market had 33 homes for sale in March 2024, a 17.9% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 32
-33.3%
2 1215
+25.0%
3 77
0.0%
4 45
+25.0%
5+ 24
+100.0%

Summary: The Chicago Ridge housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 25%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
611+83.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chicago Ridge, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Chicago Ridge in March 2024, up by 83.3% month-over-month. Of the 11 sold homes, 55% were sold under asking, 18% were sold at asking, and 27% were sold over asking.

Days on Market for Chicago Ridge, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
49 Days40 Days-18.8%

Summary: Homes in Chicago Ridge had an average of 40 days on market in Mar 2024, down by 18.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 11 homes were sold in Chicago Ridge; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% 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 24 Days Ago

Newest Listings in Chicago Ridge, IL

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