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 October 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

$387,666

$329/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,166(+0.8%)

Key Takeaway

Homes in Near South Side have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in Near South Side was $387,666 in October 2024, up 0.8% from last year, and the median price per square foot was $329.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $267K$280K
+4.9%
2 $400K$412.5K
+3.1%
3 $680K$679.8K
0%
4 $1.0M$1.1M
+6.6%
5+ $1.0M-
N/A

Summary: Near South Side housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.9%, 2 bedroom homes increased by 3.1%, 3 bedroom homes did not change, 4 bedroom homes increased by 6.6%, 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

Sep 2024Oct 2024CHANGE
196234+19.4%

Summary: The Near South Side real estate market had 234 homes for sale in October 2024, a 19.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 6263
+1.6%
2 91120
+31.9%
3 3845
+18.4%
4 56
+20.0%
5+ 00
0.0%

Summary: The Near South Side housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 1.6%, 2 bedroom homes increased by 31.9%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3236+12.5%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

18 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. 50% of homes here sold above asking price last month.

Summary: A total of 36 homes were sold or pending in Near South Side in October 2024, up by 12.5% month-over-month. Of the 36 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% 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

Oct 2023Oct 2024CHANGE
38 Days44 Days+16.1%

Summary: Homes in Near South Side had an average of 44 days on market in Oct 2024, up by 16.1% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

3 Homes Were 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 October 2024, 36 homes were sold in Near South Side; 64% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 8% 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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