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 seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Far Southwest Side has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Far Southwest Side, IL

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

Median Sold Price

$259,772

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$14,772(+6.0%)

Key Takeaway

Homes in Far Southwest Side have sold for 6% more than they did a year ago.

Summary: The median home sold price in Far Southwest Side was $259,772 in October 2024, up 6% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $84.9K$110K
+29.6%
2 $204.7K$225K
+9.9%
3 $245.5K$260K
+5.9%
4 $265K$270.1K
+1.9%
5+ $294.9K$315K
+6.8%

Summary: Far Southwest Side housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.6%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 6.8%.

Median Sold Price Compared To Nearby Neighborhoods

Ashburn
+7.8%
Mount Greenwood
+7.5%
Far Southwest Side
+6.0%
Beverly
+4.1%

Housing Supply in Far Southwest Side, IL

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

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
593709+19.6%

Summary: The Far Southwest Side real estate market had 709 homes for sale in October 2024, a 19.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 78
+14.3%
2 102117
+14.7%
3 261328
+25.7%
4 130148
+13.8%
5+ 93108
+16.1%

Summary: The Far Southwest Side housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 14.7%, 3 bedroom homes increased by 25.7%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 16.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
123145+17.9%

Asking Price vs. Sold Price

66 Homes Were Sold
Under Asking

33 Homes Were Sold
At Asking

45 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. 45.8% of homes here sold below asking price last month.

Summary: A total of 145 homes were sold or pending in Far Southwest Side in October 2024, up by 17.9% month-over-month. Of the 144 sold homes, 46% were sold under asking, 23% were sold at asking, and 31% 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

Oct 2023Oct 2024CHANGE
41 Days33 Days-20.8%

Summary: Homes in Far Southwest Side had an average of 33 days on market in Oct 2024, down by 20.8% compared to last year.

Breakdown of Home Sale Times

95 Homes Were Sold
Under 30 Days

38 Homes Were Sold
In 30 - 90 Days

12 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 October 2024, 145 homes were sold in Far Southwest Side; 66% of homes were sold within 30 days, 26% 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 21 Days Ago

Newest Listings in Far Southwest Side, IL

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