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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Westchester is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Westchester, IL

How much do homes in Westchester, IL cost?

Median Sold Price

$330,000

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$18,312(+5.9%)

Key Takeaway

Homes in Westchester have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in Westchester was $330,000 in April 2024, up 5.9% from last year, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $280K$299.4K
+6.9%
3 $330K$339.5K
+2.9%
4 $382.5K$379.9K
-0.7%
5+ $429.2K$380K
-11.5%

Summary: Westchester housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 11.5%.

Median Sold Price Compared To Nearby Cities

Westchester
+5.9%
Proviso Township
+3.5%
Bellwood
+3.4%
Broadview
+3.1%
Hillside
+2.8%

Housing Supply in Westchester, IL

How many homes are available in Westchester, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
6471+10.9%

Summary: The Westchester real estate market had 71 homes for sale in April 2024, a 10.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 2630
+15.4%
3 2831
+10.7%
4 74
-42.9%
5+ 25
+150.0%

Summary: The Westchester 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 increased by 15.4%, 3 bedroom homes increased by 10.7%, 4 bedroom homes decreased by 42.9%, and 5+ bedroom homes increased by 150%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1822+22.2%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Westchester, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in Westchester in April 2024, up by 22.2% month-over-month. Of the 22 sold homes, 27% were sold under asking, 27% were sold at asking, and 45% were sold over asking.

Days on Market for Westchester, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
34 Days28 Days-16.2%

Summary: Homes in Westchester had an average of 28 days on market in Apr 2024, down by 16.2% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 22 homes were sold in Westchester; 77% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 14% 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 13 Days Ago

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