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 June 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

$285,000

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$35,050(+14.0%)

Key Takeaway

Homes in Northlake have sold for 14% more than they did a year ago.

Summary: The median home sold price in Northlake was $285,000 in June 2024, up 14% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $92.6K$109.9K
+18.7%
2 $240K$210K
-12.5%
3 $252.5K$298.5K
+18.2%
4 $280K$365K
+30.4%
5+ $375K$377K
0.5%

Summary: Northlake housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.7%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 30.4%, and 5+ bedroom homes increased by 0.5%.

Median Sold Price Compared To Nearby Cities

Northlake
+14.0%
Franklin Park
+12.7%
Melrose Park
+3.4%
Berkeley
-3.0%
Stone Park
-6.4%

Housing Supply in Northlake, IL

How many homes are available in Northlake, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
2836+28.6%

Summary: The Northlake real estate market had 36 homes for sale in June 2024, a 28.6% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 910
+11.1%
2 33
0.0%
3 1417
+21.4%
4 14
+300.0%
5+ 12
+100.0%

Summary: The Northlake housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes remained the same, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 300%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

May 2024Jun 2024CHANGE
89+12.5%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 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. 55.6% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in Northlake in June 2024, up by 12.5% month-over-month. Of the 9 sold homes, 22% were sold under asking, 22% were sold at asking, and 56% 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

Jun 2023Jun 2024CHANGE
36 Days21 Days-40.1%

Summary: Homes in Northlake had an average of 21 days on market in Jun 2024, down by 40.1% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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 June 2024, 9 homes were sold in Northlake; 67% of homes were sold within 30 days, 33% 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

Newest Listings in Northlake, IL

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