Is Southwest Side, 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, Southwest Side has remained a Seller's Market.
Housing Prices in Southwest Side, IL
How much do homes in Southwest Side, IL cost?
Median Sold Price
$260,863
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Southwest Side was $260,863 in May 2024, up 4.3% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $122K | +6.1% |
2 Bedrooms | $195K | $213.9K | +9.7% |
3 Bedrooms | $260K | $270K | +3.8% |
4 Bedrooms | $250K | $256.8K | +2.7% |
5+ Bedrooms | $278.1K | $289.4K | +4.1% |
Summary: Southwest Side housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 4.1%.
Median Sold Price Compared To Nearby Neighborhoods
Archer Heights | $289.5K | $325.2K | +12.3% |
Garage Park | $253K | $269.9K | +6.7% |
Southwest Side | $250K | $260.8K | +4.3% |
Chicago Lawn | $250K | $257.1K | +2.9% |
West Elsdon | $277K | $277K | 0.0% |
Housing Supply in Southwest Side, IL
How many homes are available in Southwest Side, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
728 | 821 | +12.8% |
Summary: The Southwest Side real estate market had 821 homes for sale in May 2024, a 12.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 9 | 10 | +11.1% |
2 Bedrooms | 76 | 86 | +13.2% |
3 Bedrooms | 223 | 253 | +13.5% |
4 Bedrooms | 172 | 195 | +13.4% |
5+ Bedrooms | 248 | 277 | +11.7% |
Summary: The Southwest Side housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 11.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
173 | 165 | -4.6% |
Asking Price vs. Sold Price
75 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
68 Homes Were Sold
Over Asking
Summary: A total of 165 homes were sold or pending in Southwest Side in May 2024, down by 4.6% month-over-month. Of the 165 sold homes, 45% were sold under asking, 13% were sold at asking, and 41% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
39 Days | 29 Days | -24.1% |
Summary: Homes in Southwest Side had an average of 29 days on market in May 2024, down by 24.1% compared to last year.
Breakdown of Home Sale Times
117 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Summary: During May 2024, 165 homes were sold in Southwest Side; 71% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.