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 June 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

$365,000

$238/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$40,000(+12.3%)

Key Takeaway

Homes in Niles have sold for 12.3% more than they did a year ago.

Summary: The median home sold price in Niles was $365,000 in June 2024, up 12.3% from last year, and the median price per square foot was $238.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $142K$166.2K
+17.1%
2 $261K$287.4K
+10.1%
3 $350K$382K
+9.1%
4 $452.5K$499K
+10.3%
5+ $565.1K$590K
+4.4%

Summary: Niles housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 4.4%.

Median Sold Price Compared To Nearby Cities

Niles
+12.3%
Maine Township
+12.2%
Park Ridge
+9.3%
Morton Grove
+8.4%
Niles Township
+5.7%

Housing Supply in Niles, IL

How many homes are available in Niles, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
102116+13.7%

Summary: The Niles real estate market had 116 homes for sale in June 2024, a 13.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 712
+71.4%
2 2928
-3.4%
3 4648
+4.3%
4 1522
+46.7%
5+ 56
+20.0%

Summary: The Niles housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 71.4%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 46.7%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

May 2024Jun 2024CHANGE
3331-6.1%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Niles, you could pay more than the asking price. 58.1% of homes here sold above asking price last month.

Summary: A total of 31 homes were sold or pending in Niles in June 2024, down by 6.1% month-over-month. Of the 31 sold homes, 32% were sold under asking, 10% were sold at asking, and 58% 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

Jun 2023Jun 2024CHANGE
29 Days9 Days-68.9%

Summary: Homes in Niles had an average of 9 days on market in Jun 2024, down by 68.9% compared to last year.

Breakdown of Home Sale Times

29 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 Niles are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 31 homes were sold in Niles; 94% of homes were sold within 30 days, 6% 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 26 Days Ago

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