Is Western Springs, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Western Springs is a seller's market

Buyer's
Market

Difference Since August 2023

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

Key Takeaway

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

Housing Prices in Western Springs, IL

How much do homes in Western Springs, IL cost?

Median Sold Price

$750,000

$321/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2023

+$78,000(+11.6%)

Key Takeaway

Homes in Western Springs have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in Western Springs was $750,000 in August 2024, up 11.6% from last year, and the median price per square foot was $321.

Median Sold Price By Bedroom Count

# BEDSAug 2023Aug 2024CHANGE
1 --
N/A
2 $580.5K$535K
-7.8%
3 $547.5K$625K
+14.2%
4 $800K$903K
+12.9%
5+ $1.3M$1.2M
-6.3%

Summary: Western Springs housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.8%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes decreased by 6.3%.

Median Sold Price Compared To Nearby Cities

Hinsdale
+35.7%
Lyons Township
+14.2%
Western Springs
+11.6%
Indian Head Park
+9.1%
La Grange
+3.3%

Housing Supply in Western Springs, IL

How many homes are available in Western Springs, IL?

Number of Homes For Sale

Jul 2024Aug 2024CHANGE
5557+3.6%

Summary: The Western Springs real estate market had 57 homes for sale in August 2024, a 3.6% increase compared to July 2024.

Homes For Sale By Bedroom Count

# BEDSJul 2024Aug 2024CHANGE
1 00
0.0%
2 79
+28.6%
3 2018
-10.0%
4 1721
+23.5%
5+ 119
-18.2%

Summary: The Western Springs housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes decreased by 18.2%.

Number of Homes Sold

Jul 2024Aug 2024CHANGE
2416-33.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Western Springs, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in Western Springs in August 2024, down by 33.3% month-over-month. Of the 16 sold homes, 44% were sold under asking, 38% were sold at asking, and 19% were sold over asking.

Days on Market for Western Springs, IL

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

Average Sale Time

Aug 2023Aug 2024CHANGE
49 Days24 Days-50.1%

Summary: Homes in Western Springs had an average of 24 days on market in Aug 2024, down by 50.1% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2024, 16 homes were sold in Western Springs; 63% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% 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 20 Days Ago

Newest Listings in Western Springs, IL

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