Is Far Southwest Side, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Far Southwest Side has remained a Seller's Market.
Housing Prices in Far Southwest Side, IL
How much do homes in Far Southwest Side, IL cost?
Median Sold Price
$254,383
$166/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Far Southwest Side was $254,383 in May 2024, up 4.8% from last year, and the median price per square foot was $166.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $84.9K | $113.7K | +33.9% |
2 Bedrooms | $189.6K | $220K | +16.0% |
3 Bedrooms | $245K | $250.5K | +2.2% |
4 Bedrooms | $259.9K | $270K | +3.9% |
5+ Bedrooms | $299.9K | $299.9K | 0% |
Summary: Far Southwest Side housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 33.9%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
Mount Greenwood | $252K | $292.1K | +15.9% |
Far Southwest Side | $242.7K | $254.3K | +4.8% |
Ashburn | $250.5K | $262.2K | +4.7% |
Beverly | $390K | $355.5K | -8.8% |
Housing Supply in Far Southwest Side, IL
How many homes are available in Far Southwest Side, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
575 | 657 | +14.3% |
Summary: The Far Southwest Side real estate market had 657 homes for sale in May 2024, a 14.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 5 | 0.0% |
2 Bedrooms | 70 | 86 | +22.9% |
3 Bedrooms | 286 | 308 | +7.7% |
4 Bedrooms | 137 | 162 | +18.2% |
5+ Bedrooms | 77 | 96 | +24.7% |
Summary: The Far Southwest Side housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.9%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes increased by 24.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
121 | 143 | +18.2% |
Asking Price vs. Sold Price
57 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
56 Homes Were Sold
Over Asking
Summary: A total of 143 homes were sold or pending in Far Southwest Side in May 2024, up by 18.2% month-over-month. Of the 143 sold homes, 40% were sold under asking, 21% were sold at asking, and 39% were sold over asking.
Days on Market for Far Southwest Side, IL
How long does it take to sell a home in Far Southwest Side, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
41 Days | 32 Days | -20.2% |
Summary: Homes in Far Southwest Side had an average of 32 days on market in May 2024, down by 20.2% compared to last year.
Breakdown of Home Sale Times
107 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Summary: During May 2024, 143 homes were sold in Far Southwest Side; 75% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.