Is Magnificent Mile, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Magnificent Mile was a Seller's Market.
Housing Prices in Magnificent Mile, IL
How much do homes in Magnificent Mile, IL cost?
Median Sold Price
$440,000
$369/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Magnificent Mile was $440,000 in April 2024, down 12% from last year, and the median price per square foot was $369.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $233.7K | $270.5K | +15.7% |
2 Bedrooms | $565K | $600K | +6.2% |
3 Bedrooms | $1.2M | $1.3M | +8.3% |
4 Bedrooms | $865K | $1.6M | +95.4% |
5+ Bedrooms | - | $1.1M | N/A |
Summary: Magnificent Mile housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.7%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 95.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
Streeterville | $455.5K | $464.3K | +1.9% |
Near North Side | $436.5K | $420.3K | -3.7% |
River North | $440.5K | $406.8K | -7.6% |
Magnificent Mile | $500K | $440K | -12.0% |
Housing Supply in Magnificent Mile, IL
How many homes are available in Magnificent Mile, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
77 | 100 | +29.9% |
Summary: The Magnificent Mile real estate market had 100 homes for sale in April 2024, a 29.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 21 | 24 | +14.3% |
2 Bedrooms | 25 | 34 | +36.0% |
3 Bedrooms | 25 | 33 | +32.0% |
4 Bedrooms | 5 | 7 | +40.0% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Magnificent Mile housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 36%, 3 bedroom homes increased by 32%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
8 | 11 | +37.5% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Magnificent Mile in April 2024, up by 37.5% month-over-month. Of the 11 sold homes, 82% were sold under asking, 9% were sold at asking, and 9% were sold over asking.
Days on Market for Magnificent Mile, IL
How long does it take to sell a home in Magnificent Mile, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
83 Days | 47 Days | -43.8% |
Summary: Homes in Magnificent Mile had an average of 47 days on market in Apr 2024, down by 43.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in Magnificent Mile; 45% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.