Is Fernwood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fernwood is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Fernwood was a Seller's Market.

Key Takeaway

Fernwood 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 Fernwood, IL

How much do homes in Fernwood, IL cost?

Median Sold Price

$125,500

$124/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$22,500(-15.2%)

Key Takeaway

Homes in Fernwood have sold for 15.2% less than they did a year ago.

Summary: The median home sold price in Fernwood was $125,500 in November 2024, down 15.2% from last year, and the median price per square foot was $124.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $55K$120K
+118.2%
3 $119K$121K
+1.7%
4 $161.5K$230K
+42.4%
5+ $226K$184.4K
-18.4%

Summary: Fernwood housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 118.2%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 42.4%, and 5+ bedroom homes decreased by 18.4%.

Median Sold Price Compared To Nearby Neighborhoods

Far Southeast Side
+11.8%
Roseland
+9.7%
Fernwood
-15.2%

Housing Supply in Fernwood, IL

How many homes are available in Fernwood, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1924+26.3%

Summary: The Fernwood real estate market had 24 homes for sale in November 2024, a 26.3% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 11
0.0%
3 1013
+30.0%
4 43
-25.0%
5+ 47
+75.0%

Summary: The Fernwood housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 75%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
34+33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fernwood, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Fernwood in November 2024, up by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.

Days on Market for Fernwood, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
33 Days7 Days-78.4%

Summary: Homes in Fernwood had an average of 7 days on market in Nov 2024, down by 78.4% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 4 homes were sold in Fernwood; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 17 Days Ago

Newest Listings in Fernwood, IL

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