Is Margate Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Margate Park is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Margate Park has remained a Seller's Market.

Key Takeaway

Margate Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Margate Park, IL

How much do homes in Margate Park, IL cost?

Median Sold Price

$155,000

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$10,900(+7.6%)

Key Takeaway

Homes in Margate Park have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in Margate Park was $155,000 in April 2024, up 7.6% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $120K$141K
+17.5%
2 $282.5K$245K
-13.3%
3 $469.5K$543K
+15.7%
4 $597.5K$665.5K
+11.4%
5+ $1.1M$1.6M
+43.5%

Summary: Margate Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.5%, 2 bedroom homes decreased by 13.3%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 43.5%.

Median Sold Price Compared To Nearby Neighborhoods

Margate Park
+7.6%
Far North Side
+6.2%
Edgewater
+6.1%
Uptown
+6.0%
Lakeside
-5.6%

Housing Supply in Margate Park, IL

How many homes are available in Margate Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3328-15.2%

Summary: The Margate Park real estate market had 28 homes for sale in April 2024, a 15.2% decrease compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 1717
0.0%
2 76
-14.3%
3 33
0.0%
4 31
-66.7%
5+ 31
-66.7%

Summary: The Margate Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes decreased by 66.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
119-18.2%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Margate Park, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in Margate Park in April 2024, down by 18.2% month-over-month. Of the 9 sold homes, 44% were sold under asking, 0% were sold at asking, and 56% were sold over asking.

Days on Market for Margate Park, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
38 Days9 Days-76.5%

Summary: Homes in Margate Park had an average of 9 days on market in Apr 2024, down by 76.5% compared to last year.

Breakdown of Home Sale Times

9 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 Margate Park are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 9 homes were sold in Margate Park; 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 Apr 1, 2024

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