Is Old Norwood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Old Norwood is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Old Norwood, IL

How much do homes in Old Norwood, IL cost?

Median Sold Price

$462,500

$270/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$49,000(-9.6%)

Key Takeaway

Homes in Old Norwood have sold for 9.6% less than they did a year ago.

Summary: The median home sold price in Old Norwood was $462,500 in April 2024, down 9.6% from last year, and the median price per square foot was $270.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $108K$240K
+122.2%
2 $275.5K$342K
+24.1%
3 $489K$450K
-8.0%
4 $675K$485K
-28.1%
5+ $725K$800K
+10.3%

Summary: Old Norwood housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 122.2%, 2 bedroom homes increased by 24.1%, 3 bedroom homes decreased by 8%, 4 bedroom homes decreased by 28.1%, and 5+ bedroom homes increased by 10.3%.

Median Sold Price Compared To Nearby Neighborhoods

Norwood Park East
+14.9%
Norwood Park
+8.6%
Union Ridge
+7.9%
Norwood Park West
+5.3%
Old Norwood
-9.6%

Housing Supply in Old Norwood, IL

How many homes are available in Old Norwood, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
611+83.3%

Summary: The Old Norwood real estate market had 11 homes for sale in April 2024, a 83.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 14
+300.0%
3 46
+50.0%
4 01
+100.0%
5+ 10
-100.0%

Summary: The Old Norwood housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 300%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
15+400.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Old Norwood, you may be able to get a good deal. 60% of homes here sold below asking price last month.

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

Days on Market for Old Norwood, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
106 Days39 Days-62.8%

Summary: Homes in Old Norwood had an average of 39 days on market in Apr 2024, down by 62.8% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 5 homes were sold in Old Norwood; 40% of homes were sold within 30 days, 40% 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 6 Days Ago

Newest Listings in Old Norwood, IL

Nearby Markets to Old Norwood, IL