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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Westchester is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Westchester, IL

How much do homes in Westchester, IL cost?

Median Sold Price

$340,000

$228/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+7.9%)

Key Takeaway

Homes in Westchester have sold for 7.9% more than they did a year ago.

Summary: The median home sold price in Westchester was $340,000 in May 2024, up 7.9% from last year, and the median price per square foot was $228.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$259K
N/A
2 $284K$305K
+7.4%
3 $325K$351.2K
+8.1%
4 $380K$380K
0.0%
5+ $428.5K$380K
-11.3%

Summary: Westchester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 8.1%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 11.3%.

Median Sold Price Compared To Nearby Cities

Westchester
+7.9%
Hillside
+5.6%
Proviso Township
+5.5%
Broadview
+4.5%
Bellwood
+1.3%

Housing Supply in Westchester, IL

How many homes are available in Westchester, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6874+8.8%

Summary: The Westchester real estate market had 74 homes for sale in May 2024, a 8.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 2824
-14.3%
3 2837
+32.1%
4 68
+33.3%
5+ 54
-20.0%

Summary: The Westchester 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 14.3%, 3 bedroom homes increased by 32.1%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2225+13.6%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Westchester, you could pay more than the asking price. 56% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Westchester in May 2024, up by 13.6% month-over-month. Of the 25 sold homes, 24% were sold under asking, 20% were sold at asking, and 56% were sold over asking.

Days on Market for Westchester, IL

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

Average Sale Time

May 2023May 2024CHANGE
12 Days14 Days+13.4%

Summary: Homes in Westchester had an average of 14 days on market in May 2024, up by 13.4% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 25 homes were sold in Westchester; 88% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 4% 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

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