Is Palmer Square, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palmer Square is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Palmer Square, IL

How much do homes in Palmer Square, IL cost?

Median Sold Price

$630,000

$343/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$45,000(+7.7%)

Key Takeaway

Homes in Palmer Square have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Palmer Square was $630,000 in April 2024, up 7.7% from last year, and the median price per square foot was $343.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $195K$276.2K
+41.7%
2 $400K$440K
+10.0%
3 $632.5K$697K
+10.2%
4 $932.5K$837.4K
-10.2%
5+ $811K$982.7K
+21.2%

Summary: Palmer Square housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.7%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 10.2%, 4 bedroom homes decreased by 10.2%, and 5+ bedroom homes increased by 21.2%.

Median Sold Price Compared To Nearby Neighborhoods

Logan Square
+10.8%
Palmer Square
+7.7%
North Side
+6.3%

Housing Supply in Palmer Square, IL

How many homes are available in Palmer Square, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3242+31.3%

Summary: The Palmer Square real estate market had 42 homes for sale in April 2024, a 31.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 23
+50.0%
2 812
+50.0%
3 1212
0.0%
4 79
+28.6%
5+ 36
+100.0%

Summary: The Palmer Square housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
814+75.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palmer Square, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Palmer Square in April 2024, up by 75.0% month-over-month. Of the 14 sold homes, 0% were sold under asking, 29% were sold at asking, and 71% were sold over asking.

Days on Market for Palmer Square, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
11 Days5 Days-48.8%

Summary: Homes in Palmer Square had an average of 5 days on market in Apr 2024, down by 48.8% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 14 homes were sold in Palmer Square; 100% of homes were sold within 30 days, 0% 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 12 Days Ago

Newest Listings in Palmer Square, IL

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