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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Midlothian is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Midlothian, IL

How much do homes in Midlothian, IL cost?

Median Sold Price

$220,600

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$8,100(+3.8%)

Key Takeaway

Homes in Midlothian have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in Midlothian was $220,600 in May 2024, up 3.8% from last year, and the median price per square foot was $160.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $63K$76.8K
+22.0%
2 $158K$153K
-3.2%
3 $225K$230K
+2.2%
4 $255K$245K
-3.9%
5+ $321.5K$267.4K
-16.8%

Summary: Midlothian housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 2.2%, 4 bedroom homes decreased by 3.9%, and 5+ bedroom homes decreased by 16.8%.

Median Sold Price Compared To Nearby Cities

Robbins
+17.0%
Crestwood
+9.3%
Bremen Township
+4.8%
Midlothian
+3.8%
Oak Forest
+3.3%

Housing Supply in Midlothian, IL

How many homes are available in Midlothian, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3835-7.9%

Summary: The Midlothian real estate market had 35 homes for sale in May 2024, a 7.9% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 67
+16.7%
3 2321
-8.7%
4 13
+200.0%
5+ 62
-66.7%

Summary: The Midlothian 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 increased by 16.7%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes increased by 200%, and 5+ bedroom homes decreased by 66.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1711-35.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Midlothian, you could pay more than the asking price. 81.8% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Midlothian in May 2024, down by 35.3% month-over-month. Of the 11 sold homes, 9% were sold under asking, 9% were sold at asking, and 82% were sold over asking.

Days on Market for Midlothian, IL

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

Average Sale Time

May 2023May 2024CHANGE
32 Days10 Days-69.0%

Summary: Homes in Midlothian had an average of 10 days on market in May 2024, down by 69% compared to last year.

Breakdown of Home Sale Times

11 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 Midlothian are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 11 homes were sold in Midlothian; 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 16 Days Ago

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