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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Far Southwest Side is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Far Southwest Side has remained a Seller's Market.

Key Takeaway

Far Southwest Side is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Far Southwest Side, IL

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

Median Sold Price

$251,458

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,591(+2.7%)

Key Takeaway

Homes in Far Southwest Side have sold for 2.7% more than they did a year ago.

Summary: The median home sold price in Far Southwest Side was $251,458 in April 2024, up 2.7% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $84.9K$115.5K
+36.0%
2 $195K$220K
+12.8%
3 $245.5K$250K
+1.8%
4 $261.7K$267.5K
+2.2%
5+ $300K$299.9K
0%

Summary: Far Southwest Side housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36%, 2 bedroom homes increased by 12.8%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Mount Greenwood
+9.8%
Ashburn
+3.8%
Far Southwest Side
+2.7%
Beverly
-8.8%

Housing Supply in Far Southwest Side, IL

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

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
539608+12.8%

Summary: The Far Southwest Side real estate market had 608 homes for sale in April 2024, a 12.8% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 75
-28.6%
2 6172
+18.0%
3 255298
+16.9%
4 137150
+9.5%
5+ 7983
+5.1%

Summary: The Far Southwest Side housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 5.1%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
107116+8.4%

Asking Price vs. Sold Price

45 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

50 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Far Southwest Side, you could pay more than the asking price. 43.1% of homes here sold above asking price last month.

Summary: A total of 116 homes were sold or pending in Far Southwest Side in April 2024, up by 8.4% month-over-month. Of the 116 sold homes, 39% were sold under asking, 18% were sold at asking, and 43% were sold over asking.

Days on Market for Far Southwest Side, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
42 Days31 Days-24.7%

Summary: Homes in Far Southwest Side had an average of 31 days on market in Apr 2024, down by 24.7% compared to last year.

Breakdown of Home Sale Times

85 Homes Were Sold
Under 30 Days

19 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 Southwest Side are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 116 homes were sold in Far Southwest Side; 73% of homes were sold within 30 days, 16% 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 1 Day Ago

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