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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norridge is a seller's market

Buyer's
Market

Difference Since August 2022

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

Key Takeaway

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

Housing Prices

How much do homes in Norridge, IL cost?

Median Sold Price

$357,750

$250/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2022

+$14,500(+4.2%)

Key Takeaway

Homes in Norridge have sold for 4.2% more than they did a year ago.

Summary: The median home sold price in Norridge was $357,750 in August 2023, up 4.2% from last year, and the median price per square foot was $250.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $132K$170K
+28.8%
2 $267K$298.3K
+11.7%
3 $355.6K$366.2K
+3.0%
4 $515K$455K
-11.7%
5+ $660K$567.5K
-14.0%

Summary: Norridge housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 28.8%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 3%, 4 bedroom homes decreased by 11.7%, and 5+ bedroom homes decreased by 14%.

Median Sold Price Compared To Nearby Cities

Norwood Park Township
+5.1%
Norridge
+4.2%
Leyden Township
+2.2%
Harwood Heights
+1.9%
Chicago
-3.1%

Housing Supply

How many homes are available in Norridge, IL?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
4865+35.4%

Summary: The Norridge real estate market had 65 homes for sale in August 2023, a 35.4% increase compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 01
+100.0%
2 812
+50.0%
3 2836
+28.6%
4 78
+14.3%
5+ 58
+60.0%

Summary: The Norridge housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 60%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE
919+111.1%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norridge, you may be able to get a good deal. 52.6% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Norridge in August 2023, up by 111.1% month-over-month. Of the 19 sold homes, 53% were sold under asking, 21% were sold at asking, and 26% were sold over asking.

Days on Market

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

Average Sale Time

Aug 2022Aug 2023CHANGE
14 Days23 Days+66.0%

Summary: Homes in Norridge had an average of 23 days on market in Aug 2023, up by 66% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2023, 19 homes were sold in Norridge; 68% of homes were sold within 30 days, 26% 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 25 Days Ago

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Nearby Markets

What housing markets are near Norridge, IL?