Is North Chicago, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing North Chicago is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in North Chicago, IL

How much do homes in North Chicago, IL cost?

Median Sold Price

$182,500

$147/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$12,500(+7.4%)

Key Takeaway

Homes in North Chicago have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in North Chicago was $182,500 in May 2024, up 7.4% from last year, and the median price per square foot was $147.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $95K$119K
+25.3%
2 $147K$175K
+19.0%
3 $168.6K$210K
+24.5%
4 $192.5K$174.7K
-9.2%
5+ $199.2K$205K
+2.9%

Summary: North Chicago housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.3%, 2 bedroom homes increased by 19%, 3 bedroom homes increased by 24.5%, 4 bedroom homes decreased by 9.2%, and 5+ bedroom homes increased by 2.9%.

Median Sold Price Compared To Nearby Cities

Shields Township
+16.1%
Waukegan Township
+11.4%
North Chicago
+7.4%
Lake Bluff
+0.8%

Housing Supply in North Chicago, IL

How many homes are available in North Chicago, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3339+18.2%

Summary: The North Chicago real estate market had 39 homes for sale in May 2024, a 18.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 34
+33.3%
2 45
+25.0%
3 1214
+16.7%
4 99
0.0%
5+ 57
+40.0%

Summary: The North Chicago housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Apr 2024May 2024CHANGE
710+42.9%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in North Chicago, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in North Chicago in May 2024, up by 42.9% month-over-month. Of the 10 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.

Days on Market for North Chicago, IL

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

Average Sale Time

May 2023May 2024CHANGE
19 Days27 Days+42.1%

Summary: Homes in North Chicago had an average of 27 days on market in May 2024, up by 42.1% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 10 homes were sold in North Chicago; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 10% 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 1 Day Ago

Newest Listings in North Chicago, IL

Nearby Markets to North Chicago, IL

What housing markets are near North Chicago, IL?