Is Margate Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Margate Park is a neutral's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Margate Park 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 Margate Park, IL

How much do homes in Margate Park, IL cost?

Median Sold Price

$177,750

$217/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$22,750(+14.7%)

Key Takeaway

Homes in Margate Park have sold for 14.7% more than they did a year ago.

Summary: The median home sold price in Margate Park was $177,750 in November 2024, up 14.7% from last year, and the median price per square foot was $217.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $138K$145K
+5.1%
2 $253K$270K
+6.7%
3 $460K$545.5K
+18.6%
4 $732.5K$665.5K
-9.1%
5+ -$1.6M
N/A

Summary: Margate Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 18.6%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Margate Park
+14.7%
Edgewater
+13.9%
Uptown
+11.5%
Far North Side
+9.7%

Housing Supply in Margate Park, IL

How many homes are available in Margate Park, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2624-7.7%

Summary: The Margate Park real estate market had 24 homes for sale in November 2024, a 7.7% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1516
+6.7%
2 56
+20.0%
3 41
-75.0%
4 10
-100.0%
5+ 11
0.0%

Summary: The Margate Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 20%, 3 bedroom homes decreased by 75%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
74-42.9%

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 Margate Park, 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 Margate Park in November 2024, down by 42.9% 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 Margate Park, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
13 Days28 Days+112.4%

Summary: Homes in Margate Park had an average of 28 days on market in Nov 2024, up by 112.4% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 4 homes were sold in Margate Park; 50% of homes were sold within 30 days, 50% 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 Margate Park, IL

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