Is Southern, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Southern has remained a Seller's Market.
Key Takeaway
Southern is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southern, IL
How much do homes in Southern, IL cost?
Median Sold Price
$325,000
$170/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Southern have sold for 7.1% less than they did a month ago.
Summary: The median home sold price in Southern was $325,000 in May 2024, down 7.1% from last month, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $176K | - | N/A |
| 3 Bedrooms | $405K | $645K | +59.3% |
| 4 Bedrooms | - | $306K | N/A |
| 5+ Bedrooms | $350K | - | N/A |
Summary: Southern housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 59.3%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Lake No. 1 | $177.9K | $361K | +102.9% |
| Southern | $350K | $325K | -7.1% |
Housing Supply in Southern, IL
How many homes are available in Southern, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 11 | -31.3% |
Summary: The Southern real estate market had 11 homes for sale in May 2024, a 31.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 10 | 7 | -30.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Southern housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 30%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 3 | -40.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Southern, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Southern in May 2024, down by 40.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Southern, IL
How long does it take to sell a home in Southern, IL?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 173 Days | +349.9% |
Summary: Homes in Southern had an average of 173 days on market in May 2024, up by 349.9% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Southern are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 3 homes were sold in Southern; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.