Is Cook County, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cook County is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Cook County, IL

How much do homes in Cook County, IL cost?

Median Sold Price

$324,712

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$19,762(+6.5%)

Key Takeaway

Homes in Cook County have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in Cook County was $324,712 in May 2024, up 6.5% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $189.4K$201.7K
+6.5%
2 $249.9K$274.4K
+9.8%
3 $318.8K$334.9K
+5.1%
4 $403.2K$430.1K
+6.7%
5+ $450K$470.7K
+4.6%

Summary: Cook County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 4.6%.

Median Sold Price Compared To Nearby Counties

Kane County
+12.5%
Lake County
+8.2%
Will County
+7.5%
DuPage County
+7.0%
Cook County
+6.5%

Housing Supply in Cook County, IL

How many homes are available in Cook County, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
17,79320,040+12.6%

Summary: The Cook County real estate market had 20,040 homes for sale in May 2024, a 12.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1,5301,666
+8.9%
2 4,4824,938
+10.2%
3 6,1616,847
+11.1%
4 3,0883,654
+18.3%
5+ 2,5322,935
+15.9%

Summary: The Cook County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.9%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 18.3%, and 5+ bedroom homes increased by 15.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4,7954,827+0.7%

Asking Price vs. Sold Price

1,848 Homes Were Sold
Under Asking

798 Homes Were Sold
At Asking

2,181 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cook County, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.

Summary: A total of 4,827 homes were sold or pending in Cook County in May 2024, up by 0.7% month-over-month. Of the 4,827 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% were sold over asking.

Days on Market for Cook County, IL

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

Average Sale Time

May 2023May 2024CHANGE
31 Days25 Days-18.4%

Summary: Homes in Cook County had an average of 25 days on market in May 2024, down by 18.4% compared to last year.

Breakdown of Home Sale Times

3,786 Homes Were Sold
Under 30 Days

740 Homes Were Sold
In 30 - 90 Days

301 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 4827 homes were sold in Cook County; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 6% 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

Newest Listings in Cook County, IL

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