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 March 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

$340,100

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$22,835(+7.2%)

Key Takeaway

Homes in Palatine Township have sold for 7.2% more than they did a year ago.

Summary: The median home sold price in Palatine Township was $340,100 in March 2024, up 7.2% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $124.9K$150K
+20.1%
2 $221.8K$243.5K
+9.8%
3 $333K$363.2K
+9.1%
4 $495K$495K
0.0%
5+ $649.9K$589.5K
-9.3%

Summary: Palatine Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.1%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 9.3%.

Median Sold Price Compared To Nearby Cities

Palatine
+15.5%
Rolling Meadows
+8.7%
Palatine Township
+7.2%
Inverness
-0.9%
Deer Park
-1.4%

Housing Supply in Palatine Township, IL

How many homes are available in Palatine Township, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
241323+34.0%

Summary: The Palatine Township real estate market had 323 homes for sale in March 2024, a 34.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1626
+62.5%
2 7191
+28.2%
3 7495
+28.4%
4 6285
+37.1%
5+ 1826
+44.4%

Summary: The Palatine Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 62.5%, 2 bedroom homes increased by 28.2%, 3 bedroom homes increased by 28.4%, 4 bedroom homes increased by 37.1%, and 5+ bedroom homes increased by 44.4%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
59104+76.3%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

57 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. 54.8% of homes here sold above asking price last month.

Summary: A total of 104 homes were sold or pending in Palatine Township in March 2024, up by 76.3% month-over-month. Of the 104 sold homes, 33% were sold under asking, 13% were sold at asking, and 55% 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

Mar 2023Mar 2024CHANGE
23 Days23 Days-2.1%

Summary: Homes in Palatine Township had an average of 23 days on market in Mar 2024, down by 2.1% compared to last year.

Breakdown of Home Sale Times

86 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

8 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 March 2024, 104 homes were sold in Palatine Township; 83% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 8% 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 24 Days Ago

Newest Listings in Palatine Township, IL

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