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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Midlothian is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Midlothian, IL

How much do homes in Midlothian, IL cost?

Median Sold Price

$229,437

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$18,937(+9.0%)

Key Takeaway

Homes in Midlothian have sold for 9% more than they did a year ago.

Summary: The median home sold price in Midlothian was $229,437 in October 2024, up 9% from last year, and the median price per square foot was $165.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $74K$98K
+32.4%
2 $153.4K$170.2K
+10.9%
3 $225K$237K
+5.3%
4 $246.2K$249K
+1.1%
5+ $420K$275K
-34.5%

Summary: Midlothian housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.4%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes decreased by 34.5%.

Median Sold Price Compared To Nearby Cities

Oak Forest
+12.4%
Crestwood
+11.1%
Midlothian
+9.0%
Bremen Township
+7.3%

Housing Supply in Midlothian, IL

How many homes are available in Midlothian, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4251+21.4%

Summary: The Midlothian real estate market had 51 homes for sale in October 2024, a 21.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 78
+14.3%
3 2634
+30.8%
4 56
+20.0%
5+ 21
-50.0%

Summary: The Midlothian housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 30.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
914+55.6%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Midlothian, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Midlothian in October 2024, up by 55.6% month-over-month. Of the 14 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.

Days on Market for Midlothian, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
45 Days26 Days-40.6%

Summary: Homes in Midlothian had an average of 26 days on market in Oct 2024, down by 40.6% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 14 homes were sold in Midlothian; 79% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 7% 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 20 Days Ago

Newest Listings in Midlothian, IL

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