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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Palatine, IL

How much do homes in Palatine, IL cost?

Median Sold Price

$334,571

$216/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$20,288(+6.5%)

Key Takeaway

Homes in Palatine have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in Palatine was $334,571 in November 2024, up 6.5% from last year, and the median price per square foot was $216.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $141K$158.2K
+12.2%
2 $235.1K$250K
+6.3%
3 $355.2K$392K
+10.4%
4 $484K$521K
+7.6%
5+ $553.7K$650K
+17.4%

Summary: Palatine housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 17.4%.

Median Sold Price Compared To Nearby Cities

Deer Park
+23.9%
Inverness
+16.5%
Rolling Meadows
+15.2%
Palatine Township
+8.4%
Palatine
+6.5%

Housing Supply in Palatine, IL

How many homes are available in Palatine, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
264236-10.6%

Summary: The Palatine real estate market had 236 homes for sale in November 2024, a 10.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 2221
-4.5%
2 10593
-11.4%
3 6256
-9.7%
4 6149
-19.7%
5+ 1417
+21.4%

Summary: The Palatine housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.5%, 2 bedroom homes decreased by 11.4%, 3 bedroom homes decreased by 9.7%, 4 bedroom homes decreased by 19.7%, and 5+ bedroom homes increased by 21.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
8965-27.0%

Asking Price vs. Sold Price

36 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine, you may be able to get a good deal. 55.4% of homes here sold below asking price last month.

Summary: A total of 65 homes were sold or pending in Palatine in November 2024, down by 27.0% month-over-month. Of the 65 sold homes, 55% were sold under asking, 20% were sold at asking, and 25% were sold over asking.

Days on Market for Palatine, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
22 Days23 Days+2.2%

Summary: Homes in Palatine had an average of 23 days on market in Nov 2024, up by 2.2% compared to last year.

Breakdown of Home Sale Times

53 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 65 homes were sold in Palatine; 82% of homes were sold within 30 days, 11% 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 17 Days Ago

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