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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Homewood is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Homewood, IL

How much do homes in Homewood, IL cost?

Median Sold Price

$237,583

$153/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$916(-0.4%)

Key Takeaway

The sold price of homes in Homewood has remained the same since last year.

Summary: The median home sold price in Homewood was $237,583 in May 2024, down 0.4% from last year, and the median price per square foot was $153.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $75K$115K
+53.3%
2 $144.9K$155K
+7.0%
3 $240K$249.9K
+4.1%
4 $299K$310K
+3.7%
5+ $350K$319.9K
-8.6%

Summary: Homewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 53.3%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 8.6%.

Median Sold Price Compared To Nearby Cities

East Hazel Crest
+30.3%
Hazel Crest
+16.1%
Flossmoor
+4.0%
Homewood
-0.4%

Housing Supply in Homewood, IL

How many homes are available in Homewood, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
97108+11.3%

Summary: The Homewood real estate market had 108 homes for sale in May 2024, a 11.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 25
+150.0%
2 2224
+9.1%
3 3945
+15.4%
4 3031
+3.3%
5+ 43
-25.0%

Summary: The Homewood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3124-22.6%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Homewood, you could pay more than the asking price. 54.2% of homes here sold above asking price last month.

Summary: A total of 24 homes were sold or pending in Homewood in May 2024, down by 22.6% month-over-month. Of the 24 sold homes, 21% were sold under asking, 25% were sold at asking, and 54% were sold over asking.

Days on Market for Homewood, IL

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

Average Sale Time

May 2023May 2024CHANGE
23 Days34 Days+47.3%

Summary: Homes in Homewood had an average of 34 days on market in May 2024, up by 47.3% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 24 homes were sold in Homewood; 71% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 13% 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 1 Day Ago

Newest Listings in Homewood, IL

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