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 March 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

$272,000

$195/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$15,465(+6.0%)

Key Takeaway

Homes in Wheeling have sold for 6% more than they did a year ago.

Summary: The median home sold price in Wheeling was $272,000 in March 2024, up 6% from last year, and the median price per square foot was $195.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $109K$160K
+46.8%
2 $215K$230K
+7.0%
3 $271K$295K
+8.9%
4 $381.5K$407.5K
+6.8%
5+ $366K$527.5K
+44.1%

Summary: Wheeling housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.8%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 44.1%.

Median Sold Price Compared To Nearby Cities

Arlington Heights
+7.1%
Prospect Heights
+6.5%
Wheeling
+6.0%
Buffalo Grove
+4.1%
Wheeling Township
+3.5%

Housing Supply in Wheeling, IL

How many homes are available in Wheeling, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
7495+28.4%

Summary: The Wheeling real estate market had 95 homes for sale in March 2024, a 28.4% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 57
+40.0%
2 3039
+30.0%
3 3643
+19.4%
4 03
+100.0%
5+ 33
0.0%

Summary: The Wheeling housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2325+8.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

12 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. 48% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Wheeling in March 2024, up by 8.7% month-over-month. Of the 25 sold homes, 40% were sold under asking, 12% were sold at asking, and 48% 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

Mar 2023Mar 2024CHANGE
18 Days43 Days+131.3%

Summary: Homes in Wheeling had an average of 43 days on market in Mar 2024, up by 131.3% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 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 March 2024, 25 homes were sold in Wheeling; 68% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 12% 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

Newest Listings in Wheeling, IL

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