Is Des Plaines, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Des Plaines is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Des Plaines, IL

How much do homes in Des Plaines, IL cost?

Median Sold Price

$300,000

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$4,970(+1.7%)

Key Takeaway

Homes in Des Plaines have sold for 1.7% more than they did a year ago.

Summary: The median home sold price in Des Plaines was $300,000 in May 2024, up 1.7% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $134K$140K
+4.5%
2 $235K$242.5K
+3.2%
3 $330K$356K
+7.9%
4 $395K$430K
+8.9%
5+ $547.5K$590K
+7.8%

Summary: Des Plaines housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.5%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Cities

Maine Township
+9.6%
Park Ridge
+7.1%
Mount Prospect
+6.3%
Des Plaines
+1.7%

Housing Supply in Des Plaines, IL

How many homes are available in Des Plaines, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
220245+11.4%

Summary: The Des Plaines real estate market had 245 homes for sale in May 2024, a 11.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1714
-17.6%
2 7887
+11.5%
3 79100
+26.6%
4 3126
-16.1%
5+ 1518
+20.0%

Summary: The Des Plaines housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 17.6%, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 26.6%, 4 bedroom homes decreased by 16.1%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Apr 2024May 2024CHANGE
7379+8.2%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Des Plaines, you could pay more than the asking price. 46.8% of homes here sold above asking price last month.

Summary: A total of 79 homes were sold or pending in Des Plaines in May 2024, up by 8.2% month-over-month. Of the 79 sold homes, 38% were sold under asking, 15% were sold at asking, and 47% were sold over asking.

Days on Market for Des Plaines, IL

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

Average Sale Time

May 2023May 2024CHANGE
20 Days16 Days-20.2%

Summary: Homes in Des Plaines had an average of 16 days on market in May 2024, down by 20.2% compared to last year.

Breakdown of Home Sale Times

67 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 79 homes were sold in Des Plaines; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 3% 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 22 Days Ago

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