Is South Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Side is a buyer's market

Buyer's
Market

Difference Since April 2023

At the same time last year, South Side was a Seller's Market.

Key Takeaway

South Side is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in South Side, IL

How much do homes in South Side, IL cost?

Median Sold Price

$261,233

$155/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$4,952(-1.9%)

Key Takeaway

Homes in South Side have sold for 1.9% less than they did a year ago.

Summary: The median home sold price in South Side was $261,233 in April 2024, down 1.9% from last year, and the median price per square foot was $155.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $121.5K$118K
-2.9%
2 $189.9K$184.5K
-2.9%
3 $290K$292K
+0.7%
4 $352K$352K
0.0%
5+ $390.8K$385.9K
-1.3%

Summary: South Side housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.9%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 0.7%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 1.3%.

Median Sold Price Compared To Nearby Neighborhoods

Hyde Park
+14.3%
Kenwood
+8.1%
South Side
-1.9%
Woodlawn
-8.8%

Housing Supply in South Side, IL

How many homes are available in South Side, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
817993+21.5%

Summary: The South Side real estate market had 993 homes for sale in April 2024, a 21.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 6677
+16.7%
2 162196
+21.0%
3 248307
+23.8%
4 122155
+27.0%
5+ 219258
+17.8%

Summary: The South Side housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 21%, 3 bedroom homes increased by 23.8%, 4 bedroom homes increased by 27%, and 5+ bedroom homes increased by 17.8%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
116128+10.3%

Asking Price vs. Sold Price

71 Homes Were Sold
Under Asking

25 Homes Were Sold
At Asking

32 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Side, you may be able to get a good deal. 55.5% of homes here sold below asking price last month.

Summary: A total of 128 homes were sold or pending in South Side in April 2024, up by 10.3% month-over-month. Of the 128 sold homes, 55% were sold under asking, 20% were sold at asking, and 25% were sold over asking.

Days on Market for South Side, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
55 Days47 Days-15.1%

Summary: Homes in South Side had an average of 47 days on market in Apr 2024, down by 15.1% compared to last year.

Breakdown of Home Sale Times

79 Homes Were Sold
Under 30 Days

24 Homes Were Sold
In 30 - 90 Days

25 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 128 homes were sold in South Side; 62% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 20% 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 3 Days Ago

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