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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Waukegan is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Waukegan, IL

How much do homes in Waukegan, IL cost?

Median Sold Price

$224,966

$157/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$24,966(+12.5%)

Key Takeaway

Homes in Waukegan have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Waukegan was $224,966 in April 2024, up 12.5% from last year, and the median price per square foot was $157.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $64K$72K
+12.6%
2 $173K$185K
+6.9%
3 $205K$225K
+9.8%
4 $236.4K$268K
+13.3%
5+ $240K$260K
+8.3%

Summary: Waukegan housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 8.3%.

Median Sold Price Compared To Nearby Cities

Waukegan
+12.5%
Warren Township
+12.5%
Waukegan Township
+12.0%
Beach Park
+0.9%

Housing Supply in Waukegan, IL

How many homes are available in Waukegan, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
138139+0.7%

Summary: The Waukegan real estate market had 139 homes for sale in April 2024, a 0.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 22
0.0%
2 3332
-3.0%
3 5858
0.0%
4 3237
+15.6%
5+ 1310
-23.1%

Summary: The Waukegan housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes decreased by 23.1%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
43430.0%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Waukegan, you could pay more than the asking price. 55.8% of homes here sold above asking price last month.

Summary: A total of 43 homes were sold or pending in Waukegan in April 2024, the same as the previous month. Of the 43 sold homes, 30% were sold under asking, 14% were sold at asking, and 56% were sold over asking.

Days on Market for Waukegan, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
30 Days12 Days-57.5%

Summary: Homes in Waukegan had an average of 12 days on market in Apr 2024, down by 57.5% compared to last year.

Breakdown of Home Sale Times

39 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 43 homes were sold in Waukegan; 91% of homes were sold within 30 days, 9% 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 28 Days Ago

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