Is Morton Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morton Grove is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Morton Grove, IL

How much do homes in Morton Grove, IL cost?

Median Sold Price

$390,000

$238/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$15,000(+4.0%)

Key Takeaway

Homes in Morton Grove have sold for 4% more than they did a year ago.

Summary: The median home sold price in Morton Grove was $390,000 in March 2024, up 4% from last year, and the median price per square foot was $238.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $145K$145K
0.0%
2 $260K$287.5K
+10.6%
3 $389.9K$400K
+2.6%
4 $446.7K$465K
+4.1%
5+ $545K$665K
+22.0%

Summary: Morton Grove housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 22%.

Median Sold Price Compared To Nearby Cities

Niles
+7.7%
Skokie
+6.1%
Morton Grove
+4.0%
Niles Township
+3.8%

Housing Supply in Morton Grove, IL

How many homes are available in Morton Grove, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
5971+20.3%

Summary: The Morton Grove real estate market had 71 homes for sale in March 2024, a 20.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 54
-20.0%
2 1216
+33.3%
3 2936
+24.1%
4 911
+22.2%
5+ 44
0.0%

Summary: The Morton Grove housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 24.1%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1120+81.8%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morton Grove, you may be able to get a good deal. 45% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Morton Grove in March 2024, up by 81.8% month-over-month. Of the 20 sold homes, 45% were sold under asking, 10% were sold at asking, and 45% were sold over asking.

Days on Market for Morton Grove, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
33 Days19 Days-42.0%

Summary: Homes in Morton Grove had an average of 19 days on market in Mar 2024, down by 42% compared to last year.

Breakdown of Home Sale Times

17 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 Morton Grove are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 20 homes were sold in Morton Grove; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% 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 18 Days Ago

Newest Listings in Morton Grove, IL

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