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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Midlothian is a buyer's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

Midlothian is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Midlothian, IL

How much do homes in Midlothian, IL cost?

Median Sold Price

$217,000

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$10,000(+4.8%)

Key Takeaway

Homes in Midlothian have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in Midlothian was $217,000 in February 2024, up 4.8% from last year, and the median price per square foot was $160.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $63K$78K
+23.8%
2 $154K$142.5K
-7.5%
3 $225K$229K
+1.8%
4 $250K$250.2K
0.1%
5+ $294K$420K
+42.9%

Summary: Midlothian housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.8%, 2 bedroom homes decreased by 7.5%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes increased by 42.9%.

Median Sold Price Compared To Nearby Cities

Robbins
+34.3%
Crestwood
+15.5%
Midlothian
+4.8%
Bremen Township
+0.7%
Oak Forest
-3.3%

Housing Supply in Midlothian, IL

How many homes are available in Midlothian, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3950+28.2%

Summary: The Midlothian real estate market had 50 homes for sale in February 2024, a 28.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 23
+50.0%
2 1111
0.0%
3 2428
+16.7%
4 14
+300.0%
5+ 14
+300.0%

Summary: The Midlothian housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 300%, and 5+ bedroom homes increased by 300%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
97-22.2%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Midlothian, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Midlothian in February 2024, down by 22.2% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% 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

Feb 2023Feb 2024CHANGE
16 Days25 Days+52.4%

Summary: Homes in Midlothian had an average of 25 days on market in Feb 2024, up by 52.4% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 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 February 2024, 7 homes were sold in Midlothian; 71% of homes were sold within 30 days, 29% 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 27 Days Ago

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