Is Lower West Side / Pilsen, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lower West Side / Pilsen is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Lower West Side / Pilsen has remained a Seller's Market.

Key Takeaway

Lower West Side / Pilsen is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lower West Side / Pilsen, IL

How much do homes in Lower West Side / Pilsen, IL cost?

Median Sold Price

$431,000

$259/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$21,500(-4.8%)

Key Takeaway

Homes in Lower West Side / Pilsen have sold for 4.8% less than they did a year ago.

Summary: The median home sold price in Lower West Side / Pilsen was $431,000 in April 2024, down 4.8% from last year, and the median price per square foot was $259.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $245K$294.5K
+20.2%
2 $345K$348.5K
+1.0%
3 $517.5K$431K
-16.7%
4 $422.5K$440K
+4.1%
5+ $525K$500K
-4.8%

Summary: Lower West Side / Pilsen housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.2%, 2 bedroom homes increased by 1%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes decreased by 4.8%.

Median Sold Price Compared To Nearby Neighborhoods

Little Italy / University Village
+9.0%
Bridgeport
+2.2%
Lower West Side / Pilsen
-4.8%
McKinley Park
-11.7%

Housing Supply in Lower West Side / Pilsen, IL

How many homes are available in Lower West Side / Pilsen, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
4767+42.6%

Summary: The Lower West Side / Pilsen real estate market had 67 homes for sale in April 2024, a 42.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 24
+100.0%
2 813
+62.5%
3 712
+71.4%
4 57
+40.0%
5+ 2531
+24.0%

Summary: The Lower West Side / Pilsen housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 62.5%, 3 bedroom homes increased by 71.4%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 24%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
513+160.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lower West Side / Pilsen, you may be able to get a good deal. 38.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Lower West Side / Pilsen in April 2024, up by 160.0% month-over-month. Of the 13 sold homes, 38% were sold under asking, 23% were sold at asking, and 38% were sold over asking.

Days on Market for Lower West Side / Pilsen, IL

How long does it take to sell a home in Lower West Side / Pilsen, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
48 Days19 Days-60.2%

Summary: Homes in Lower West Side / Pilsen had an average of 19 days on market in Apr 2024, down by 60.2% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lower West Side / Pilsen are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 13 homes were sold in Lower West Side / Pilsen; 77% of homes were sold within 30 days, 15% 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 16 Days Ago

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