Is Niles, 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, Niles has remained a Seller's Market.
Housing Prices in Niles, IL
How much do homes in Niles, IL cost?
Median Sold Price
$357,600
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Niles was $357,600 in May 2024, up 10% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $141K | $164.2K | +16.5% |
2 Bedrooms | $255K | $285K | +11.8% |
3 Bedrooms | $350K | $382K | +9.1% |
4 Bedrooms | $420K | $475K | +13.1% |
5+ Bedrooms | $602.5K | $590K | -2.1% |
Summary: Niles housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes decreased by 2.1%.
Median Sold Price Compared To Nearby Cities
Niles | $325K | $357.6K | +10.0% |
Maine Township | $331.5K | $363.3K | +9.6% |
Park Ridge | $491K | $525.7K | +7.1% |
Morton Grove | $374.9K | $395.6K | +5.5% |
Niles Township | $370K | $389.3K | +5.2% |
Housing Supply in Niles, IL
How many homes are available in Niles, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
73 | 109 | +49.3% |
Summary: The Niles real estate market had 109 homes for sale in May 2024, a 49.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 9 | +80.0% |
2 Bedrooms | 21 | 32 | +52.4% |
3 Bedrooms | 32 | 47 | +46.9% |
4 Bedrooms | 11 | 15 | +36.4% |
5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Niles housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 80%, 2 bedroom homes increased by 52.4%, 3 bedroom homes increased by 46.9%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 33 | +43.5% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in Niles in May 2024, up by 43.5% month-over-month. Of the 33 sold homes, 48% were sold under asking, 6% were sold at asking, and 45% were sold over asking.
Days on Market for Niles, IL
How long does it take to sell a home in Niles, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 23 Days | +63.3% |
Summary: Homes in Niles had an average of 23 days on market in May 2024, up by 63.3% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 33 homes were sold in Niles; 85% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.