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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Northlake is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Northlake, IL

How much do homes in Northlake, IL cost?

Median Sold Price

$280,000

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$26,250(+10.3%)

Key Takeaway

Homes in Northlake have sold for 10.3% more than they did a year ago.

Summary: The median home sold price in Northlake was $280,000 in March 2024, up 10.3% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $86.5K$103K
+19.1%
2 $240K$180K
-25.0%
3 $265K$295.4K
+11.5%
4 $281.5K$322.5K
+14.6%
5+ $375K$354K
-5.6%

Summary: Northlake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.1%, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes decreased by 5.6%.

Median Sold Price Compared To Nearby Cities

Northlake
+10.3%
Franklin Park
+9.1%
Melrose Park
+1.7%
Stone Park
-2.5%
Berkeley
-4.8%

Housing Supply in Northlake, IL

How many homes are available in Northlake, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1822+22.2%

Summary: The Northlake real estate market had 22 homes for sale in March 2024, a 22.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 22
0.0%
2 32
-33.3%
3 812
+50.0%
4 34
+33.3%
5+ 22
0.0%

Summary: The Northlake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
15+400.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Northlake, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 5 homes were sold or pending in Northlake in March 2024, up by 400.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.

Days on Market for Northlake, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
17 Days30 Days+73.9%

Summary: Homes in Northlake had an average of 30 days on market in Mar 2024, up by 73.9% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 5 homes were sold in Northlake; 80% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 20% 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 20 Days Ago

Newest Listings in Northlake, IL

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