Is Old Town, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Old Town is a seller's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Old Town was a Neutral Market.

Key Takeaway

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

Housing Prices in Old Town, IL

How much do homes in Old Town, IL cost?

Median Sold Price

$653,750

$371/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$5,000(-0.8%)

Key Takeaway

Homes in Old Town have sold for 0.8% less than they did a year ago.

Summary: The median home sold price in Old Town was $653,750 in November 2024, down 0.8% from last year, and the median price per square foot was $371.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $266K$275K
+3.4%
2 $520.5K$515K
-1.1%
3 $867.5K$850K
-2.0%
4 $1.2M$1.1M
-6.6%
5+ $2.6M$1.8M
-30.5%

Summary: Old Town housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.4%, 2 bedroom homes decreased by 1.1%, 3 bedroom homes decreased by 2%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes decreased by 30.5%.

Median Sold Price Compared To Nearby Neighborhoods

Gold Coast
+13.7%
Lincoln Park
+8.1%
North Side
+7.1%
Near North Side
+4.0%
Old Town
-0.8%

Housing Supply in Old Town, IL

How many homes are available in Old Town, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
10795-11.2%

Summary: The Old Town real estate market had 95 homes for sale in November 2024, a 11.2% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1518
+20.0%
2 3219
-40.6%
3 2928
-3.4%
4 1310
-23.1%
5+ 1820
+11.1%

Summary: The Old Town housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes decreased by 40.6%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes decreased by 23.1%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2817-39.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Old Town, you may be able to get a good deal. 64.7% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Old Town in November 2024, down by 39.3% month-over-month. Of the 17 sold homes, 65% were sold under asking, 12% were sold at asking, and 24% were sold over asking.

Days on Market for Old Town, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
66 Days28 Days-57.7%

Summary: Homes in Old Town had an average of 28 days on market in Nov 2024, down by 57.7% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 17 homes were sold in Old Town; 71% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 6% 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 21 Days Ago

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