Is Little Italy / University Village, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Little Italy / University Village is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Little Italy / University Village has remained a Seller's Market.

Key Takeaway

Little Italy / University Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Little Italy / University Village, IL

How much do homes in Little Italy / University Village, IL cost?

Median Sold Price

$365,000

$280/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$30,000(+9.0%)

Key Takeaway

Homes in Little Italy / University Village have sold for 9% more than they did a year ago.

Summary: The median home sold price in Little Italy / University Village was $365,000 in April 2024, up 9% from last year, and the median price per square foot was $280.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $230K$235K
+2.2%
2 $315K$321.7K
+2.1%
3 $527.5K$530K
0.5%
4 $435.8K$672.5K
+54.3%
5+ $680K$601.5K
-11.5%

Summary: Little Italy / University Village housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.2%, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 0.5%, 4 bedroom homes increased by 54.3%, and 5+ bedroom homes decreased by 11.5%.

Median Sold Price Compared To Nearby Neighborhoods

Little Italy / University Village
+9.0%
West Loop
+4.2%
Greektown
+4.0%
United Center
-1.9%
Lower West Side / Pilsen
-4.8%

Housing Supply in Little Italy / University Village, IL

How many homes are available in Little Italy / University Village, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
95112+17.9%

Summary: The Little Italy / University Village real estate market had 112 homes for sale in April 2024, a 17.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 27
+250.0%
2 5153
+3.9%
3 3236
+12.5%
4 66
0.0%
5+ 410
+150.0%

Summary: The Little Italy / University Village housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 250%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 150%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2326+13.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Little Italy / University Village, you may be able to get a good deal. 57.7% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in Little Italy / University Village in April 2024, up by 13.0% month-over-month. Of the 26 sold homes, 58% were sold under asking, 15% were sold at asking, and 27% were sold over asking.

Days on Market for Little Italy / University Village, IL

How long does it take to sell a home in Little Italy / University Village, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
34 Days22 Days-35.6%

Summary: Homes in Little Italy / University Village had an average of 22 days on market in Apr 2024, down by 35.6% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Little Italy / University Village are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 26 homes were sold in Little Italy / University Village; 85% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% 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 19 Days Ago

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