Is Schaumburg, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Schaumburg is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Schaumburg, IL

How much do homes in Schaumburg, IL cost?

Median Sold Price

$304,320

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$39,987(+15.1%)

Key Takeaway

Homes in Schaumburg have sold for 15.1% more than they did a year ago.

Summary: The median home sold price in Schaumburg was $304,320 in March 2024, up 15.1% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $128.5K$155K
+20.6%
2 $224.3K$247K
+10.1%
3 $330K$380K
+15.2%
4 $447.7K$475K
+6.1%
5+ $538K$510K
-5.2%

Summary: Schaumburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.6%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes decreased by 5.2%.

Median Sold Price Compared To Nearby Cities

Schaumburg
+15.1%
Schaumburg Township
+11.1%
Roselle
+9.9%
Rolling Meadows
+8.7%
Hoffman Estates
+8.6%

Housing Supply in Schaumburg, IL

How many homes are available in Schaumburg, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
161213+32.3%

Summary: The Schaumburg real estate market had 213 homes for sale in March 2024, a 32.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1112
+9.1%
2 6177
+26.2%
3 5478
+44.4%
4 2634
+30.8%
5+ 912
+33.3%

Summary: The Schaumburg housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 26.2%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3666+83.3%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

39 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Schaumburg, you could pay more than the asking price. 59.1% of homes here sold above asking price last month.

Summary: A total of 66 homes were sold or pending in Schaumburg in March 2024, up by 83.3% month-over-month. Of the 66 sold homes, 26% were sold under asking, 15% were sold at asking, and 59% were sold over asking.

Days on Market for Schaumburg, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
35 Days15 Days-55.7%

Summary: Homes in Schaumburg had an average of 15 days on market in Mar 2024, down by 55.7% compared to last year.

Breakdown of Home Sale Times

55 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 Schaumburg are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 66 homes were sold in Schaumburg; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% 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

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