Is Near South Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Near South Side is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Near South Side was a Seller's Market.

Key Takeaway

Near South Side 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 Near South Side, IL

How much do homes in Near South Side, IL cost?

Median Sold Price

$389,444

$330/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$9,361(+2.5%)

Key Takeaway

Homes in Near South Side have sold for 2.5% more than they did a year ago.

Summary: The median home sold price in Near South Side was $389,444 in November 2024, up 2.5% from last year, and the median price per square foot was $330.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $265K$280K
+5.7%
2 $397.2K$415K
+4.5%
3 $671.9K$680K
+1.2%
4 $1.0M$1.1M
+6.0%
5+ $1.0M-
N/A

Summary: Near South Side housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 6%, and 5+ bedroom homes did not change.

Housing Supply in Near South Side, IL

How many homes are available in Near South Side, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
197213+8.1%

Summary: The Near South Side real estate market had 213 homes for sale in November 2024, a 8.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 5055
+10.0%
2 98109
+11.2%
3 4443
-2.3%
4 56
+20.0%
5+ 00
0.0%

Summary: The Near South Side housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 11.2%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4035-12.5%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Near South Side, you could pay more than the asking price. 54.3% of homes here sold above asking price last month.

Summary: A total of 35 homes were sold or pending in Near South Side in November 2024, down by 12.5% month-over-month. Of the 35 sold homes, 26% were sold under asking, 20% were sold at asking, and 54% were sold over asking.

Days on Market for Near South Side, IL

How long does it take to sell a home in Near South Side, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
56 Days29 Days-47.9%

Summary: Homes in Near South Side had an average of 29 days on market in Nov 2024, down by 47.9% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 35 homes were sold in Near South Side; 63% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 3% 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 Near South Side, IL

Nearby Markets to Near South Side, IL