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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Addison is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Addison, IL

How much do homes in Addison, IL cost?

Median Sold Price

$350,000

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$20,050(+6.1%)

Key Takeaway

Homes in Addison have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Addison was $350,000 in May 2024, up 6.1% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $116K$130.5K
+12.5%
2 $220K$257.5K
+17.0%
3 $319K$350K
+9.7%
4 $415K$479K
+15.4%
5+ $470.2K$572.5K
+21.7%

Summary: Addison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 21.7%.

Median Sold Price Compared To Nearby Cities

Addison Township
+6.9%
Addison
+6.1%
Wood Dale
+5.5%
Villa Park
+5.5%
Elmhurst
+1.0%

Housing Supply in Addison, IL

How many homes are available in Addison, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
8075-6.3%

Summary: The Addison real estate market had 75 homes for sale in May 2024, a 6.3% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 52
-60.0%
2 1520
+33.3%
3 4034
-15.0%
4 1415
+7.1%
5+ 64
-33.3%

Summary: The Addison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 15%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3020-33.3%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Addison, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Addison in May 2024, down by 33.3% month-over-month. Of the 20 sold homes, 50% were sold under asking, 5% were sold at asking, and 45% were sold over asking.

Days on Market for Addison, IL

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

Average Sale Time

May 2023May 2024CHANGE
24 Days15 Days-37.7%

Summary: Homes in Addison had an average of 15 days on market in May 2024, down by 37.7% compared to last year.

Breakdown of Home Sale Times

16 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 Addison are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 20 homes were sold in Addison; 80% of homes were sold within 30 days, 20% 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 9 Days Ago

Newest Listings in Addison, IL

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