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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southwest Side is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

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

+$10,205(+4.1%)

Key Takeaway

Homes in Southwest Side have sold for 4.1% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $115K$122.4K
+6.5%
2 $200.6K$212.4K
+5.9%
3 $260.2K$269.9K
+3.7%
4 $249.8K$260K
+4.1%
5+ $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
+4.1%
Archer Heights
+4.0%
Garage Park
+3.9%
Chicago Lawn
+2.1%
West Elsdon
-5.0%

Housing Supply in Southwest Side, IL

How many homes are available in Southwest Side, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
655746+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

# BEDSFeb 2024Mar 2024CHANGE
1 37
+133.3%
2 8383
0.0%
3 207230
+11.1%
4 144178
+23.6%
5+ 218248
+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 2024Mar 2024CHANGE
127143+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest Side, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.

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 2023Mar 2024CHANGE
45 Days41 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 29 Days Ago

Newest Listings in Southwest Side, IL

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