Is Morton Grove, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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
How much do homes in Morton Grove, IL cost?
Median Sold Price
$380,000
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Morton Grove have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in Morton Grove was $380,000 in August 2023, up 5.6% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $131K | $152.5K | +16.4% |
| 2 Bedrooms | $270K | $278K | +3.0% |
| 3 Bedrooms | $380K | $390K | +2.6% |
| 4 Bedrooms | $442.5K | $456K | +3.1% |
| 5+ Bedrooms | $525K | $605K | +15.2% |
Summary: Morton Grove housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Morton Grove | $360K | $380K | +5.6% |
| Niles Township | $365K | $374.9K | +2.7% |
| Skokie | $361.8K | $371.3K | +2.6% |
| Niles | $324.9K | $325K | 0.0% |
Housing Supply
How many homes are available in Morton Grove, IL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 74 | 78 | +5.4% |
Summary: The Morton Grove real estate market had 78 homes for sale in August 2023, a 5.4% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 12 | 12 | 0.0% |
| 3 Bedrooms | 42 | 44 | +4.8% |
| 4 Bedrooms | 12 | 11 | -8.3% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Morton Grove housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 30 | 25 | -16.7% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morton Grove, you could pay more than the asking price. 52% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Morton Grove in August 2023, down by 16.7% month-over-month. Of the 25 sold homes, 44% were sold under asking, 4% were sold at asking, and 52% were sold over asking.
Days on Market
How long does it take to sell a home in Morton Grove, IL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 27 Days | 10 Days | -61.0% |
Summary: Homes in Morton Grove had an average of 10 days on market in Aug 2023, down by 61% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morton Grove are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 25 homes were sold in Morton Grove; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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