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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Wheeling is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Wheeling, IL

How much do homes in Wheeling, IL cost?

Median Sold Price

$276,258

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$8,258(+3.1%)

Key Takeaway

Homes in Wheeling have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Wheeling was $276,258 in September 2024, up 3.1% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $130K$156K
+20.0%
2 $216K$235K
+8.8%
3 $290K$312.4K
+7.7%
4 $400.5K$416K
+3.9%
5+ $483.7K$410K
-15.2%

Summary: Wheeling housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 15.2%.

Median Sold Price Compared To Nearby Cities

Buffalo Grove
+9.6%
Arlington Heights
+6.3%
Wheeling Township
+4.9%
Wheeling
+3.1%
Prospect Heights
-8.8%

Housing Supply in Wheeling, IL

How many homes are available in Wheeling, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
99990.0%

Summary: The Wheeling real estate market had 99 homes for sale in September 2024, the same as August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 911
+22.2%
2 3236
+12.5%
3 4542
-6.7%
4 129
-25.0%
5+ 11
0.0%

Summary: The Wheeling housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3824-36.8%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Wheeling, you could pay more than the asking price. 41.7% of homes here sold above asking price last month.

Summary: A total of 24 homes were sold or pending in Wheeling in September 2024, down by 36.8% month-over-month. Of the 24 sold homes, 38% were sold under asking, 21% were sold at asking, and 42% were sold over asking.

Days on Market for Wheeling, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
11 Days12 Days+7.0%

Summary: Homes in Wheeling had an average of 12 days on market in Sep 2024, up by 7% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 24 homes were sold in Wheeling; 88% of homes were sold within 30 days, 13% 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 Sep 1, 2024

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