Is Far Southeast Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Far Southeast Side is a buyer's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Far Southeast Side was a Seller's Market.

Key Takeaway

Far Southeast Side is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Far Southeast Side, IL

How much do homes in Far Southeast Side, IL cost?

Median Sold Price

$176,335

$116/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$1,360(+0.8%)

Key Takeaway

Homes in Far Southeast Side have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in Far Southeast Side was $176,335 in April 2024, up 0.8% from last year, and the median price per square foot was $116.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $40K$75K
+87.5%
2 $125.5K$117.5K
-6.4%
3 $170.1K$178.9K
+5.2%
4 $184.9K$190K
+2.7%
5+ $229.5K$235K
+2.4%

Summary: Far Southeast Side housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 87.5%, 2 bedroom homes decreased by 6.4%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 2.4%.

Median Sold Price Compared To Nearby Neighborhoods

Pullman
+15.4%
Far Southeast Side
+0.8%
South Deering
-7.4%
Greater Chicago
-7.4%

Housing Supply in Far Southeast Side, IL

How many homes are available in Far Southeast Side, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
815927+13.7%

Summary: The Far Southeast Side real estate market had 927 homes for sale in April 2024, a 13.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 55
0.0%
2 116127
+9.5%
3 329384
+16.7%
4 179215
+20.1%
5+ 186196
+5.4%

Summary: The Far Southeast Side housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 20.1%, and 5+ bedroom homes increased by 5.4%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
130127-2.3%

Asking Price vs. Sold Price

58 Homes Were Sold
Under Asking

33 Homes Were Sold
At Asking

36 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Far Southeast Side, you may be able to get a good deal. 45.7% of homes here sold below asking price last month.

Summary: A total of 127 homes were sold or pending in Far Southeast Side in April 2024, down by 2.3% month-over-month. Of the 127 sold homes, 46% were sold under asking, 26% were sold at asking, and 28% were sold over asking.

Days on Market for Far Southeast Side, IL

How long does it take to sell a home in Far Southeast Side, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
59 Days65 Days+11.4%

Summary: Homes in Far Southeast Side had an average of 65 days on market in Apr 2024, up by 11.4% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

36 Homes Were Sold
In 30 - 90 Days

26 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Far Southeast Side are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 127 homes were sold in Far Southeast Side; 51% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 20% 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 5 Days Ago

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