Is Palatine Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine Township is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Palatine Township, IL

How much do homes in Palatine Township, IL cost?

Median Sold Price

$355,912

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$33,379(+10.3%)

Key Takeaway

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

Summary: The median home sold price in Palatine Township was $355,912 in June 2024, up 10.3% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $128.9K$155K
+20.2%
2 $228.4K$260K
+13.8%
3 $335.6K$375K
+11.7%
4 $479.5K$521K
+8.7%
5+ $627.5K$664.2K
+5.9%

Summary: Palatine Township housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.2%, 2 bedroom homes increased by 13.8%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 5.9%.

Median Sold Price Compared To Nearby Cities

Palatine
+11.3%
Palatine Township
+10.3%
Rolling Meadows
+8.3%
Deer Park
+5.2%
Inverness
+4.6%

Housing Supply in Palatine Township, IL

How many homes are available in Palatine Township, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
416448+7.7%

Summary: The Palatine Township real estate market had 448 homes for sale in June 2024, a 7.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 2828
0.0%
2 123137
+11.4%
3 128134
+4.7%
4 94115
+22.3%
5+ 4334
-20.9%

Summary: The Palatine Township housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 22.3%, and 5+ bedroom homes decreased by 20.9%.

Number of Homes Sold

May 2024Jun 2024CHANGE
147143-2.7%

Asking Price vs. Sold Price

40 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

87 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine Township, you could pay more than the asking price. 60.8% of homes here sold above asking price last month.

Summary: A total of 143 homes were sold or pending in Palatine Township in June 2024, down by 2.7% month-over-month. Of the 143 sold homes, 28% were sold under asking, 11% were sold at asking, and 61% were sold over asking.

Days on Market for Palatine Township, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
11 Days12 Days+7.9%

Summary: Homes in Palatine Township had an average of 12 days on market in Jun 2024, up by 7.9% compared to last year.

Breakdown of Home Sale Times

132 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 143 homes were sold in Palatine Township; 92% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 1% 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 Palatine Township, IL

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