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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southwest Side is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Southwest Side, IL

How much do homes in Southwest Side, IL cost?

Median Sold Price

$260,400

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$10,340(+4.1%)

Key Takeaway

Homes in Southwest Side have sold for 4.1% more than they did a year ago.

Summary: The median home sold price in Southwest Side was $260,400 in April 2024, up 4.1% from last year, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $115K$124.9K
+8.6%
2 $200.1K$214.1K
+7.0%
3 $260K$270K
+3.8%
4 $250K$259.9K
+4.0%
5+ $279K$285K
+2.2%

Summary: Southwest Side housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 2.2%.

Median Sold Price Compared To Nearby Neighborhoods

Garage Park
+5.7%
Archer Heights
+4.7%
Southwest Side
+4.1%
Chicago Lawn
+3.2%
West Elsdon
-0.7%

Housing Supply in Southwest Side, IL

How many homes are available in Southwest Side, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
675797+18.1%

Summary: The Southwest Side real estate market had 797 homes for sale in April 2024, a 18.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 610
+66.7%
2 7581
+8.0%
3 210246
+17.1%
4 149191
+28.2%
5+ 235269
+14.5%

Summary: The Southwest Side housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 28.2%, and 5+ bedroom homes increased by 14.5%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
155165+6.5%

Asking Price vs. Sold Price

71 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

72 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest Side, you could pay more than the asking price. 43.6% of homes here sold above asking price last month.

Summary: A total of 165 homes were sold or pending in Southwest Side in April 2024, up by 6.5% month-over-month. Of the 165 sold homes, 43% were sold under asking, 13% were sold at asking, and 44% were sold over asking.

Days on Market for Southwest Side, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
51 Days42 Days-18.0%

Summary: Homes in Southwest Side had an average of 42 days on market in Apr 2024, down by 18% compared to last year.

Breakdown of Home Sale Times

107 Homes Were Sold
Under 30 Days

33 Homes Were Sold
In 30 - 90 Days

25 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 165 homes were sold in Southwest Side; 65% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 15% 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

Newest Listings in Southwest Side, IL

Nearby Markets to Southwest Side, IL