Is Chatham, 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, Chatham has remained a Seller's Market.
Key Takeaway
Chatham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Chatham, IL
How much do homes in Chatham, IL cost?
Median Sold Price
$281,000
$125/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Chatham have sold for 10.2% more than they did a year ago.
Summary: The median home sold price in Chatham was $281,000 in May 2024, up 10.2% from last year, and the median price per square foot was $125.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $96K | N/A |
| 2 Bedrooms | $152.4K | $148.4K | -2.6% |
| 3 Bedrooms | $229.2K | $230K | 0.3% |
| 4 Bedrooms | $326K | $355K | +8.9% |
| 5+ Bedrooms | $370K | $417.5K | +12.8% |
Summary: Chatham 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 decreased by 2.6%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 12.8%.
Median Sold Price Compared To Nearby Cities
| Chatham Township | $247K | $280.5K | +13.6% |
| Ball Township | $310.7K | $350K | +12.6% |
| Chatham | $255K | $281K | +10.2% |
Housing Supply in Chatham, IL
How many homes are available in Chatham, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 70 | 60 | -14.3% |
Summary: The Chatham real estate market had 60 homes for sale in May 2024, a 14.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 3 | +200.0% |
| 3 Bedrooms | 39 | 22 | -43.6% |
| 4 Bedrooms | 23 | 24 | +4.3% |
| 5+ Bedrooms | 7 | 11 | +57.1% |
Summary: The Chatham 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 increased by 200%, 3 bedroom homes decreased by 43.6%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 57.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 24 | +14.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chatham, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Chatham in May 2024, up by 14.3% month-over-month. Of the 24 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Chatham, IL
How long does it take to sell a home in Chatham, IL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 26 Days | -54.7% |
Summary: Homes in Chatham had an average of 26 days on market in May 2024, down by 54.7% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Chatham are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 24 homes were sold in Chatham; 79% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.