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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Niles is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Niles, IL

How much do homes in Niles, IL cost?

Median Sold Price

$357,600

$237/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,600(+10.0%)

Key Takeaway

Homes in Niles have sold for 10% more than they did a year ago.

Summary: The median home sold price in Niles was $357,600 in May 2024, up 10% from last year, and the median price per square foot was $237.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $141K$164.2K
+16.5%
2 $255K$285K
+11.8%
3 $350K$382K
+9.1%
4 $420K$475K
+13.1%
5+ $602.5K$590K
-2.1%

Summary: Niles housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes decreased by 2.1%.

Median Sold Price Compared To Nearby Cities

Niles
+10.0%
Maine Township
+9.6%
Park Ridge
+7.1%
Morton Grove
+5.5%
Niles Township
+5.2%

Housing Supply in Niles, IL

How many homes are available in Niles, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
73109+49.3%

Summary: The Niles real estate market had 109 homes for sale in May 2024, a 49.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 59
+80.0%
2 2132
+52.4%
3 3247
+46.9%
4 1115
+36.4%
5+ 46
+50.0%

Summary: The Niles housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 80%, 2 bedroom homes increased by 52.4%, 3 bedroom homes increased by 46.9%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2333+43.5%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Niles, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.

Summary: A total of 33 homes were sold or pending in Niles in May 2024, up by 43.5% month-over-month. Of the 33 sold homes, 48% were sold under asking, 6% were sold at asking, and 45% were sold over asking.

Days on Market for Niles, IL

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

Average Sale Time

May 2023May 2024CHANGE
14 Days23 Days+63.3%

Summary: Homes in Niles had an average of 23 days on market in May 2024, up by 63.3% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Niles are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 33 homes were sold in Niles; 85% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 6% 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

Newest Listings in Niles, IL

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