Is South Chicago, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, South Chicago was a Seller's Market.
Housing Prices in South Chicago, IL
How much do homes in South Chicago, IL cost?
Median Sold Price
$196,500
$101/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in South Chicago was $196,500 in March 2024, up 6.2% from last year, and the median price per square foot was $101.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $195K | N/A |
2 Bedrooms | $103.5K | $153K | +47.8% |
3 Bedrooms | $182.5K | $149.9K | -17.9% |
4 Bedrooms | $159K | $189K | +18.9% |
5+ Bedrooms | $223K | $235K | +5.4% |
Summary: South Chicago housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 47.8%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 5.4%.
Median Sold Price Compared To Nearby Neighborhoods
East Side | $189.5K | $224K | +18.2% |
South Chicago | $185K | $196.5K | +6.2% |
South Side | $265K | $264.9K | -0.1% |
Far Southeast Side | $175.2K | $174.9K | -0.2% |
South Shore | $164.3K | $135.2K | -17.7% |
Housing Supply in South Chicago, IL
How many homes are available in South Chicago, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
108 | 134 | +24.1% |
Summary: The South Chicago real estate market had 134 homes for sale in March 2024, a 24.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 8 | 9 | +12.5% |
3 Bedrooms | 24 | 31 | +29.2% |
4 Bedrooms | 30 | 40 | +33.3% |
5+ Bedrooms | 46 | 54 | +17.4% |
Summary: The South Chicago housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 17.4%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
14 | 12 | -14.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in South Chicago in March 2024, down by 14.3% month-over-month. Of the 12 sold homes, 50% were sold under asking, 8% were sold at asking, and 42% were sold over asking.
Days on Market for South Chicago, IL
How long does it take to sell a home in South Chicago, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
38 Days | 63 Days | +64.9% |
Summary: Homes in South Chicago had an average of 63 days on market in Mar 2024, up by 64.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 12 homes were sold in South Chicago; 67% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.