Is Morton Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morton Grove is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Morton Grove, IL

How much do homes in Morton Grove, IL cost?

Median Sold Price

$420,000

$251/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$35,166(+9.1%)

Key Takeaway

Homes in Morton Grove have sold for 9.1% more than they did a year ago.

Summary: The median home sold price in Morton Grove was $420,000 in November 2024, up 9.1% from last year, and the median price per square foot was $251.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $142.5K$174K
+22.1%
2 $281K$330K
+17.4%
3 $394.5K$430K
+9.0%
4 $455K$500K
+9.9%
5+ $575K$601K
+4.5%

Summary: Morton Grove housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.1%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 4.5%.

Median Sold Price Compared To Nearby Cities

Morton Grove
+9.1%
Niles
+8.7%
Skokie
+8.0%
Niles Township
+6.6%

Housing Supply in Morton Grove, IL

How many homes are available in Morton Grove, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9985-14.1%

Summary: The Morton Grove real estate market had 85 homes for sale in November 2024, a 14.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 21
-50.0%
2 2525
0.0%
3 4637
-19.6%
4 1615
-6.3%
5+ 107
-30.0%

Summary: The Morton Grove housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 19.6%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes decreased by 30%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3122-29.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morton Grove, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in Morton Grove in November 2024, down by 29.0% month-over-month. Of the 22 sold homes, 36% were sold under asking, 18% were sold at asking, and 45% were sold over asking.

Days on Market for Morton Grove, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
9 Days14 Days+45.8%

Summary: Homes in Morton Grove had an average of 14 days on market in Nov 2024, up by 45.8% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 22 homes were sold in Morton Grove; 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 2 Days Ago

Newest Listings in Morton Grove, IL

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