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 November 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

$259,986

$173/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$14,485(+5.9%)

Key Takeaway

Homes in Far Southwest Side have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in Far Southwest Side was $259,986 in November 2024, up 5.9% from last year, and the median price per square foot was $173.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $82.4K$111K
+34.6%
2 $207.9K$220K
+5.8%
3 $245.7K$262.3K
+6.8%
4 $268.5K$270K
0.5%
5+ $290K$318K
+9.7%

Summary: Far Southwest Side housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.6%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes increased by 9.7%.

Median Sold Price Compared To Nearby Neighborhoods

Ashburn
+8.6%
Beverly
+6.8%
Mount Greenwood
+6.7%
Far Southwest Side
+5.9%

Housing Supply in Far Southwest Side, IL

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

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
639659+3.1%

Summary: The Far Southwest Side real estate market had 659 homes for sale in November 2024, a 3.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 87
-12.5%
2 11499
-13.2%
3 296307
+3.7%
4 128138
+7.8%
5+ 93108
+16.1%

Summary: The Far Southwest Side housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 16.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
150100-33.3%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

30 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. 50% of homes here sold below asking price last month.

Summary: A total of 100 homes were sold or pending in Far Southwest Side in November 2024, down by 33.3% month-over-month. Of the 100 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% 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

Nov 2023Nov 2024CHANGE
33 Days24 Days-26.2%

Summary: Homes in Far Southwest Side had an average of 24 days on market in Nov 2024, down by 26.2% compared to last year.

Breakdown of Home Sale Times

72 Homes Were Sold
Under 30 Days

23 Homes Were Sold
In 30 - 90 Days

5 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 November 2024, 100 homes were sold in Far Southwest Side; 72% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 5% 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

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