Is Magnificent Mile, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Magnificent Mile is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Magnificent Mile was a Neutral Market.

Key Takeaway

Magnificent Mile is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Magnificent Mile, IL

How much do homes in Magnificent Mile, IL cost?

Median Sold Price

$487,000

$356/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$53,000(-9.8%)

Key Takeaway

Homes in Magnificent Mile have sold for 9.8% less than they did a year ago.

Summary: The median home sold price in Magnificent Mile was $487,000 in October 2024, down 9.8% from last year, and the median price per square foot was $356.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $287.5K$271K
-5.7%
2 $587.5K$575K
-2.1%
3 $1.3M$1.4M
+6.2%
4 $865K$1.0M
+16.8%
5+ -$1.1M
N/A

Summary: Magnificent Mile housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Near North Side
+1.0%
River North
-0.5%
Streeterville
-3.3%
Magnificent Mile
-9.8%

Housing Supply in Magnificent Mile, IL

How many homes are available in Magnificent Mile, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7886+10.3%

Summary: The Magnificent Mile real estate market had 86 homes for sale in October 2024, a 10.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1819
+5.6%
2 2628
+7.7%
3 3033
+10.0%
4 13
+200.0%
5+ 33
0.0%

Summary: The Magnificent Mile housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
990.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Magnificent Mile, you may be able to get a good deal. 88.9% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Magnificent Mile in October 2024, the same as the previous month. Of the 9 sold homes, 89% were sold under asking, 0% were sold at asking, and 11% were sold over asking.

Days on Market for Magnificent Mile, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
30 Days35 Days+17.4%

Summary: Homes in Magnificent Mile had an average of 35 days on market in Oct 2024, up by 17.4% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 9 homes were sold in Magnificent Mile; 56% of homes were sold within 30 days, 33% 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 14 Days Ago

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