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 March 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

$291,728

$208/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$13,271(-4.4%)

Key Takeaway

Homes in Des Plaines have sold for 4.4% less than they did a year ago.

Summary: The median home sold price in Des Plaines was $291,728 in March 2024, down 4.4% from last year, and the median price per square foot was $208.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $132.5K$137.5K
+3.8%
2 $240K$235.5K
-1.9%
3 $335K$352K
+5.1%
4 $400K$414.9K
+3.7%
5+ $480K$600K
+25.0%

Summary: Des Plaines housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.8%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 25%.

Median Sold Price Compared To Nearby Cities

Maine Township
+9.0%
Mount Prospect
+7.9%
Park Ridge
+6.5%
Des Plaines
-4.4%

Housing Supply in Des Plaines, IL

How many homes are available in Des Plaines, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
167203+21.6%

Summary: The Des Plaines real estate market had 203 homes for sale in March 2024, a 21.6% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1521
+40.0%
2 6876
+11.8%
3 5772
+26.3%
4 1724
+41.2%
5+ 1010
0.0%

Summary: The Des Plaines housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 26.3%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
6252-16.1%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

27 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. 51.9% of homes here sold above asking price last month.

Summary: A total of 52 homes were sold or pending in Des Plaines in March 2024, down by 16.1% month-over-month. Of the 52 sold homes, 37% were sold under asking, 12% were sold at asking, and 52% 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

Mar 2023Mar 2024CHANGE
28 Days14 Days-50.4%

Summary: Homes in Des Plaines had an average of 14 days on market in Mar 2024, down by 50.4% compared to last year.

Breakdown of Home Sale Times

45 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 March 2024, 52 homes were sold in Des Plaines; 87% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% 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 26 Days Ago

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