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 November 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

$242,666

$154/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$12,666(+5.5%)

Key Takeaway

Homes in Homewood have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Homewood was $242,666 in November 2024, up 5.5% from last year, and the median price per square foot was $154.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $76K$100K
+31.6%
2 $150K$160K
+6.7%
3 $240K$255K
+6.3%
4 $305K$303.5K
-0.5%
5+ $340K$360K
+5.9%

Summary: Homewood housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.6%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 5.9%.

Median Sold Price Compared To Nearby Cities

East Hazel Crest
+28.2%
Thornton
+24.2%
Flossmoor
+11.7%
Hazel Crest
+5.9%
Homewood
+5.5%

Housing Supply in Homewood, IL

How many homes are available in Homewood, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
104113+8.7%

Summary: The Homewood real estate market had 113 homes for sale in November 2024, a 8.7% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 55
0.0%
2 2626
0.0%
3 3845
+18.4%
4 2933
+13.8%
5+ 64
-33.3%

Summary: The Homewood 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 18.4%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2419-20.8%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 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. 52.6% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Homewood in November 2024, down by 20.8% month-over-month. Of the 19 sold homes, 53% were sold under asking, 16% were sold at asking, and 32% 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

Nov 2023Nov 2024CHANGE
25 Days42 Days+68.8%

Summary: Homes in Homewood had an average of 42 days on market in Nov 2024, up by 68.8% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were 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 November 2024, 19 homes were sold in Homewood; 53% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 11% 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 2 Days Ago

Newest Listings in Homewood, IL

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