Is Far Southeast Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Far Southeast Side is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Far Southeast Side was a Seller's Market.

Key Takeaway

Far Southeast Side is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Far Southeast Side, IL

How much do homes in Far Southeast Side, IL cost?

Median Sold Price

$180,000

$119/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$5,363(+3.1%)

Key Takeaway

Homes in Far Southeast Side have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Far Southeast Side was $180,000 in May 2024, up 3.1% from last year, and the median price per square foot was $119.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $46K$90K
+95.7%
2 $127.2K$119.5K
-6.1%
3 $169.9K$188.1K
+10.7%
4 $184.8K$190K
+2.8%
5+ $235K$235K
0.0%

Summary: Far Southeast Side housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 95.7%, 2 bedroom homes decreased by 6.1%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Pullman
+28.7%
Greater Chicago
+22.2%
Far Southeast Side
+3.1%
South Deering
-4.6%

Housing Supply in Far Southeast Side, IL

How many homes are available in Far Southeast Side, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
838984+17.4%

Summary: The Far Southeast Side real estate market had 984 homes for sale in May 2024, a 17.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 67
+16.7%
2 117137
+17.1%
3 355409
+15.2%
4 188228
+21.3%
5+ 172203
+18.0%

Summary: The Far Southeast Side housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 17.1%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 18%.

Number of Homes Sold

Apr 2024May 2024CHANGE
143153+7.0%

Asking Price vs. Sold Price

62 Homes Were Sold
Under Asking

26 Homes Were Sold
At Asking

65 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Far Southeast Side, you could pay more than the asking price. 42.5% of homes here sold above asking price last month.

Summary: A total of 153 homes were sold or pending in Far Southeast Side in May 2024, up by 7.0% month-over-month. Of the 153 sold homes, 41% were sold under asking, 17% were sold at asking, and 42% were sold over asking.

Days on Market for Far Southeast Side, IL

How long does it take to sell a home in Far Southeast Side, IL?

Average Sale Time

May 2023May 2024CHANGE
50 Days47 Days-5.4%

Summary: Homes in Far Southeast Side had an average of 47 days on market in May 2024, down by 5.4% compared to last year.

Breakdown of Home Sale Times

91 Homes Were Sold
Under 30 Days

34 Homes Were Sold
In 30 - 90 Days

28 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 153 homes were sold in Far Southeast Side; 59% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 18% 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 2 Days Ago

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