Is Southwest Side, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Southwest Side has remained a Seller's Market.
Housing Prices in Southwest Side, IL
How much do homes in Southwest Side, IL cost?
Median Sold Price
$260,241
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Southwest Side was $260,241 in March 2024, up 4.1% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $122.4K | +6.5% |
2 Bedrooms | $200.6K | $212.4K | +5.9% |
3 Bedrooms | $260.2K | $269.9K | +3.7% |
4 Bedrooms | $249.8K | $260K | +4.1% |
5+ Bedrooms | $274.9K | $285K | +3.7% |
Summary: Southwest Side housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 3.7%.
Median Sold Price Compared To Nearby Neighborhoods
Southwest Side | $250K | $260.2K | +4.1% |
Archer Heights | $290K | $301.5K | +4.0% |
Garage Park | $255K | $265K | +3.9% |
Chicago Lawn | $250K | $255.1K | +2.1% |
West Elsdon | $279K | $265K | -5.0% |
Housing Supply in Southwest Side, IL
How many homes are available in Southwest Side, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
655 | 746 | +13.9% |
Summary: The Southwest Side real estate market had 746 homes for sale in March 2024, a 13.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 7 | +133.3% |
2 Bedrooms | 83 | 83 | 0.0% |
3 Bedrooms | 207 | 230 | +11.1% |
4 Bedrooms | 144 | 178 | +23.6% |
5+ Bedrooms | 218 | 248 | +13.8% |
Summary: The Southwest Side housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 133.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 23.6%, and 5+ bedroom homes increased by 13.8%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
127 | 143 | +12.6% |
Asking Price vs. Sold Price
66 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
54 Homes Were Sold
Over Asking
Summary: A total of 143 homes were sold or pending in Southwest Side in March 2024, up by 12.6% month-over-month. Of the 143 sold homes, 46% were sold under asking, 16% were sold at asking, and 38% were sold over asking.
Days on Market for Southwest Side, IL
How long does it take to sell a home in Southwest Side, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
45 Days | 41 Days | -7.7% |
Summary: Homes in Southwest Side had an average of 41 days on market in Mar 2024, down by 7.7% compared to last year.
Breakdown of Home Sale Times
91 Homes Were Sold
Under 30 Days
34 Homes Were Sold
In 30 - 90 Days
18 Homes Were Sold
Over 90 Days
Summary: During March 2024, 143 homes were sold in Southwest Side; 64% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.