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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Waukegan is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Waukegan, IL

How much do homes in Waukegan, IL cost?

Median Sold Price

$223,750

$155/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$23,750(+11.9%)

Key Takeaway

Homes in Waukegan have sold for 11.9% more than they did a year ago.

Summary: The median home sold price in Waukegan was $223,750 in March 2024, up 11.9% from last year, and the median price per square foot was $155.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $65K$72K
+10.9%
2 $174.9K$182.7K
+4.5%
3 $205K$225K
+9.8%
4 $238.5K$265.5K
+11.3%
5+ $240K$261.5K
+9.0%

Summary: Waukegan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.9%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 9%.

Median Sold Price Compared To Nearby Cities

Waukegan Township
+12.9%
Waukegan
+11.9%
Warren Township
+11.1%
Beach Park
0.2%

Housing Supply in Waukegan, IL

How many homes are available in Waukegan, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
125139+11.2%

Summary: The Waukegan real estate market had 139 homes for sale in March 2024, a 11.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 12
+100.0%
2 2432
+33.3%
3 4457
+29.5%
4 4134
-17.1%
5+ 1514
-6.7%

Summary: The Waukegan housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 29.5%, 4 bedroom homes decreased by 17.1%, and 5+ bedroom homes decreased by 6.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
4139-4.9%

Asking Price vs. Sold Price

20 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Waukegan, you may be able to get a good deal. 51.3% of homes here sold below asking price last month.

Summary: A total of 39 homes were sold or pending in Waukegan in March 2024, down by 4.9% month-over-month. Of the 39 sold homes, 51% were sold under asking, 8% were sold at asking, and 41% were sold over asking.

Days on Market for Waukegan, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
46 Days30 Days-33.1%

Summary: Homes in Waukegan had an average of 30 days on market in Mar 2024, down by 33.1% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 39 homes were sold in Waukegan; 69% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 15% 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 25 Days Ago

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