Is Lower West Side / Pilsen, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lower West Side / Pilsen is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Lower West Side / Pilsen was a Seller's Market.

Key Takeaway

Lower West Side / Pilsen is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Lower West Side / Pilsen, IL

How much do homes in Lower West Side / Pilsen, IL cost?

Median Sold Price

$467,000

$265/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$42,000(+9.9%)

Key Takeaway

Homes in Lower West Side / Pilsen have sold for 9.9% more than they did a year ago.

Summary: The median home sold price in Lower West Side / Pilsen was $467,000 in November 2024, up 9.9% from last year, and the median price per square foot was $265.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $245K$267K
+9.0%
2 $369.4K$392K
+6.1%
3 $432.6K$465K
+7.5%
4 $395K$527.5K
+33.5%
5+ $445K$549.5K
+23.5%

Summary: Lower West Side / Pilsen housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 33.5%, and 5+ bedroom homes increased by 23.5%.

Median Sold Price Compared To Nearby Neighborhoods

McKinley Park
+14.4%
Lower West Side / Pilsen
+9.9%
Bridgeport
+6.6%
Little Italy / University Village
0.2%
Chinatown
-1.2%

Housing Supply in Lower West Side / Pilsen, IL

How many homes are available in Lower West Side / Pilsen, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4958+18.4%

Summary: The Lower West Side / Pilsen real estate market had 58 homes for sale in November 2024, a 18.4% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 01
+100.0%
2 88
0.0%
3 1722
+29.4%
4 67
+16.7%
5+ 1820
+11.1%

Summary: The Lower West Side / Pilsen housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 29.4%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

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

Summary: A total of 7 homes were sold or pending in Lower West Side / Pilsen in November 2024, up by 40.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 0% were sold at asking, and 43% were sold over asking.

Days on Market for Lower West Side / Pilsen, IL

How long does it take to sell a home in Lower West Side / Pilsen, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
33 Days15 Days-54.3%

Summary: Homes in Lower West Side / Pilsen had an average of 15 days on market in Nov 2024, down by 54.3% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lower West Side / Pilsen are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 7 homes were sold in Lower West Side / Pilsen; 86% of homes were sold within 30 days, 14% 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 22 Days Ago

Newest Listings in Lower West Side / Pilsen, IL

Nearby Markets to Lower West Side / Pilsen, IL