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 May 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

$190,000

$159/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$20,000(+11.8%)

Key Takeaway

Homes in Chicago Ridge have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Chicago Ridge was $190,000 in May 2024, up 11.8% from last year, and the median price per square foot was $159.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $95.9K$100.5K
+4.8%
2 $139.9K$159.9K
+14.3%
3 $270K$265K
-1.9%
4 $270.1K$264.5K
-2.1%
5+ $449.9K$340K
-24.4%

Summary: Chicago Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes decreased by 24.4%.

Median Sold Price Compared To Nearby Cities

Worth
+26.3%
Chicago Ridge
+11.8%
Bridgeview
+9.6%
Worth Township
+8.4%
Oak Lawn
+4.5%

Housing Supply in Chicago Ridge, IL

How many homes are available in Chicago Ridge, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3245+40.6%

Summary: The Chicago Ridge real estate market had 45 homes for sale in May 2024, a 40.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 13
+200.0%
2 1419
+35.7%
3 813
+62.5%
4 44
0.0%
5+ 56
+20.0%

Summary: The Chicago Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 35.7%, 3 bedroom homes increased by 62.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Apr 2024May 2024CHANGE
910+11.1%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

3 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. 40% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Chicago Ridge in May 2024, up by 11.1% month-over-month. Of the 10 sold homes, 40% were sold under asking, 30% were sold at asking, and 30% 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

May 2023May 2024CHANGE
27 Days21 Days-23.8%

Summary: Homes in Chicago Ridge had an average of 21 days on market in May 2024, down by 23.8% compared to last year.

Breakdown of Home Sale Times

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

Summary: During May 2024, 10 homes were sold in Chicago Ridge; 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 12 Days Ago

Newest Listings in Chicago Ridge, IL

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