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 September 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

$187,264

$123/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$16,097(+9.4%)

Key Takeaway

Homes in Far Southeast Side have sold for 9.4% more than they did a year ago.

Summary: The median home sold price in Far Southeast Side was $187,264 in September 2024, up 9.4% from last year, and the median price per square foot was $123.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $60K$145K
+141.7%
2 $106K$132K
+24.5%
3 $174.8K$187K
+7.0%
4 $182.2K$200K
+9.7%
5+ $232.3K$249.9K
+7.6%

Summary: Far Southeast Side housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 141.7%, 2 bedroom homes increased by 24.5%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes increased by 7.6%.

Median Sold Price Compared To Nearby Neighborhoods

Greater Chicago
+33.5%
Pullman
+31.2%
South Deering
+9.7%
Far Southeast Side
+9.4%

Housing Supply in Far Southeast Side, IL

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

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
850934+9.9%

Summary: The Far Southeast Side real estate market had 934 homes for sale in September 2024, a 9.9% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 88
0.0%
2 123132
+7.3%
3 362392
+8.3%
4 179211
+17.9%
5+ 178191
+7.3%

Summary: The Far Southeast Side housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 7.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
149124-16.8%

Asking Price vs. Sold Price

51 Homes Were Sold
Under Asking

31 Homes Were Sold
At Asking

42 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. 41.1% of homes here sold below asking price last month.

Summary: A total of 124 homes were sold or pending in Far Southeast Side in September 2024, down by 16.8% month-over-month. Of the 124 sold homes, 41% were sold under asking, 25% were sold at asking, and 34% 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

Sep 2023Sep 2024CHANGE
47 Days35 Days-24.7%

Summary: Homes in Far Southeast Side had an average of 35 days on market in Sep 2024, down by 24.7% compared to last year.

Breakdown of Home Sale Times

82 Homes Were Sold
Under 30 Days

30 Homes Were Sold
In 30 - 90 Days

12 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 September 2024, 124 homes were sold in Far Southeast Side; 66% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 10% 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 Sep 1, 2024

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