Is Palatine Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Palatine Township has remained a Seller's Market.
Housing Prices in Palatine Township, IL
How much do homes in Palatine Township, IL cost?
Median Sold Price
$349,690
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palatine Township was $349,690 in May 2024, up 9.5% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $126.7K | $155K | +22.3% |
2 Bedrooms | $225K | $256K | +13.8% |
3 Bedrooms | $335.8K | $371.5K | +10.6% |
4 Bedrooms | $484.5K | $505K | +4.2% |
5+ Bedrooms | $647.5K | $627.5K | -3.1% |
Summary: Palatine Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.3%, 2 bedroom homes increased by 13.8%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes decreased by 3.1%.
Median Sold Price Compared To Nearby Cities
Palatine | $290K | $322K | +11.0% |
Rolling Meadows | $272.8K | $300K | +9.9% |
Palatine Township | $319.4K | $349.6K | +9.5% |
Inverness | $685K | $710K | +3.6% |
Deer Park | $555K | $540K | -2.7% |
Housing Supply in Palatine Township, IL
How many homes are available in Palatine Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
355 | 423 | +19.2% |
Summary: The Palatine Township real estate market had 423 homes for sale in May 2024, a 19.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 30 | 27 | -10.0% |
2 Bedrooms | 106 | 127 | +19.8% |
3 Bedrooms | 100 | 131 | +31.0% |
4 Bedrooms | 86 | 95 | +10.5% |
5+ Bedrooms | 33 | 43 | +30.3% |
Summary: The Palatine Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 30.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
120 | 136 | +13.3% |
Asking Price vs. Sold Price
37 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
82 Homes Were Sold
Over Asking
Summary: A total of 136 homes were sold or pending in Palatine Township in May 2024, up by 13.3% month-over-month. Of the 136 sold homes, 27% were sold under asking, 13% were sold at asking, and 60% were sold over asking.
Days on Market for Palatine Township, IL
How long does it take to sell a home in Palatine Township, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 11 Days | -19.8% |
Summary: Homes in Palatine Township had an average of 11 days on market in May 2024, down by 19.8% compared to last year.
Breakdown of Home Sale Times
122 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 136 homes were sold in Palatine Township; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.