Is Far Southwest Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Far Southwest Side is a neutral's market

Buyer's
Market

Difference Since September 2023

At the same time last year, Far Southwest Side was a Seller's Market.

Key Takeaway

Far Southwest Side is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Far Southwest Side, IL

How much do homes in Far Southwest Side, IL cost?

Median Sold Price

$257,654

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$12,623(+5.2%)

Key Takeaway

Homes in Far Southwest Side have sold for 5.2% more than they did a year ago.

Summary: The median home sold price in Far Southwest Side was $257,654 in September 2024, up 5.2% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $85K$111K
+30.6%
2 $196K$230K
+17.3%
3 $246.8K$258.9K
+4.9%
4 $265K$269.9K
+1.9%
5+ $294.9K$302.5K
+2.6%

Summary: Far Southwest Side housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 30.6%, 2 bedroom homes increased by 17.3%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 2.6%.

Median Sold Price Compared To Nearby Neighborhoods

Mount Greenwood
+9.1%
Ashburn
+7.8%
Far Southwest Side
+5.2%
Beverly
0.5%

Housing Supply in Far Southwest Side, IL

How many homes are available in Far Southwest Side, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
587682+16.2%

Summary: The Far Southwest Side real estate market had 682 homes for sale in September 2024, a 16.2% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 78
+14.3%
2 99107
+8.1%
3 262309
+17.9%
4 127154
+21.3%
5+ 92104
+13.0%

Summary: The Far Southwest Side housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 17.9%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 13%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
133113-15.0%

Asking Price vs. Sold Price

44 Homes Were Sold
Under Asking

26 Homes Were Sold
At Asking

43 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Far Southwest Side, you may be able to get a good deal. 38.9% of homes here sold below asking price last month.

Summary: A total of 113 homes were sold or pending in Far Southwest Side in September 2024, down by 15.0% month-over-month. Of the 113 sold homes, 39% were sold under asking, 23% were sold at asking, and 38% were sold over asking.

Days on Market for Far Southwest Side, IL

How long does it take to sell a home in Far Southwest Side, IL?

Average Sale Time

Sep 2023Sep 2024CHANGE
35 Days32 Days-9.0%

Summary: Homes in Far Southwest Side had an average of 32 days on market in Sep 2024, down by 9% compared to last year.

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

30 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 113 homes were sold in Far Southwest Side; 65% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 8% 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 30 Days Ago

Newest Listings in Far Southwest Side, IL

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