Is Palatine, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Palatine has remained a Seller's Market.
Housing Prices in Palatine, IL
How much do homes in Palatine, IL cost?
Median Sold Price
$322,020
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Palatine was $322,020 in April 2024, up 13% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $127.2K | $150K | +17.9% |
2 Bedrooms | $213.7K | $238.9K | +11.8% |
3 Bedrooms | $335K | $365K | +9.0% |
4 Bedrooms | $455K | $480K | +5.5% |
5+ Bedrooms | $593K | $565K | -4.7% |
Summary: Palatine housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 4.7%.
Median Sold Price Compared To Nearby Cities
Palatine | $284.9K | $322K | +13.0% |
Rolling Meadows | $270K | $298.5K | +10.6% |
Palatine Township | $318.5K | $340K | +6.7% |
Inverness | $699K | $694K | -0.7% |
Deer Park | $550K | $540K | -1.8% |
Housing Supply in Palatine, IL
How many homes are available in Palatine, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
215 | 244 | +13.5% |
Summary: The Palatine real estate market had 244 homes for sale in April 2024, a 13.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 25 | +13.6% |
2 Bedrooms | 72 | 88 | +22.2% |
3 Bedrooms | 50 | 54 | +8.0% |
4 Bedrooms | 56 | 59 | +5.4% |
5+ Bedrooms | 15 | 18 | +20.0% |
Summary: The Palatine housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
74 | 81 | +9.5% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Summary: A total of 81 homes were sold or pending in Palatine in April 2024, up by 9.5% month-over-month. Of the 81 sold homes, 33% were sold under asking, 14% were sold at asking, and 53% were sold over asking.
Days on Market for Palatine, IL
How long does it take to sell a home in Palatine, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
18 Days | 20 Days | +9.5% |
Summary: Homes in Palatine had an average of 20 days on market in Apr 2024, up by 9.5% compared to last year.
Breakdown of Home Sale Times
70 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 81 homes were sold in Palatine; 86% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.