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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Homewood is a seller's market

Buyer's
Market

Difference Since December 2023

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

Key Takeaway

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

Housing Prices in Homewood, IL

How much do homes in Homewood, IL cost?

Median Sold Price

$247,500

$155/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$22,500(+10.0%)

Key Takeaway

Homes in Homewood have sold for 10% more than they did a year ago.

Summary: The median home sold price in Homewood was $247,500 in December 2024, up 10% from last year, and the median price per square foot was $155.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $76K$100K
+31.6%
2 $150K$168K
+12.0%
3 $235K$255K
+8.5%
4 $307K$305K
-0.7%
5+ $340K$359.5K
+5.7%

Summary: Homewood housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.6%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 8.5%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes increased by 5.7%.

Median Sold Price Compared To Nearby Cities

Flossmoor
+11.7%
Homewood
+10.0%
Hazel Crest
+3.2%

Housing Supply in Homewood, IL

How many homes are available in Homewood, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
104101-2.9%

Summary: The Homewood real estate market had 101 homes for sale in December 2024, a 2.9% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 54
-20.0%
2 2323
0.0%
3 4041
+2.5%
4 3228
-12.5%
5+ 45
+25.0%

Summary: The Homewood housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
2021+5.0%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Homewood, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 21 homes were sold or pending in Homewood in December 2024, up by 5.0% month-over-month. Of the 21 sold homes, 57% were sold under asking, 19% were sold at asking, and 24% were sold over asking.

Days on Market for Homewood, IL

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

Average Sale Time

Dec 2023Dec 2024CHANGE
23 Days28 Days+22.6%

Summary: Homes in Homewood had an average of 28 days on market in Dec 2024, up by 22.6% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During December 2024, 21 homes were sold in Homewood; 67% of homes were sold within 30 days, 29% 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 4 Days Ago

Newest Listings in Homewood, IL

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