Is Fernwood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fernwood is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Fernwood was a Seller's Market.

Key Takeaway

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

Housing Prices in Fernwood, IL

How much do homes in Fernwood, IL cost?

Median Sold Price

$142,000

$122/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$16,250(+12.9%)

Key Takeaway

Homes in Fernwood have sold for 12.9% more than they did a year ago.

Summary: The median home sold price in Fernwood was $142,000 in May 2024, up 12.9% from last year, and the median price per square foot was $122.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $33K$120K
+263.6%
3 $153K$143K
-6.5%
4 $132.5K$175K
+32.1%
5+ $222K$180.5K
-18.7%

Summary: Fernwood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 263.6%, 3 bedroom homes decreased by 6.5%, 4 bedroom homes increased by 32.1%, and 5+ bedroom homes decreased by 18.7%.

Median Sold Price Compared To Nearby Neighborhoods

Fernwood
+12.9%
Far Southeast Side
+3.1%
Roseland
+1.2%

Housing Supply in Fernwood, IL

How many homes are available in Fernwood, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2429+20.8%

Summary: The Fernwood real estate market had 29 homes for sale in May 2024, a 20.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 33
0.0%
3 1217
+41.7%
4 45
+25.0%
5+ 54
-20.0%

Summary: The Fernwood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 41.7%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Apr 2024May 2024CHANGE
43-25.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fernwood, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Fernwood in May 2024, down by 25.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for Fernwood, IL

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

Average Sale Time

May 2023May 2024CHANGE
46 Days19 Days-58.7%

Summary: Homes in Fernwood had an average of 19 days on market in May 2024, down by 58.7% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 3 homes were sold in Fernwood; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 3 Days Ago

Newest Listings in Fernwood, IL

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