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 October 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

$334,428

$216/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$23,318(+7.5%)

Key Takeaway

Homes in Palatine have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Palatine was $334,428 in October 2024, up 7.5% from last year, and the median price per square foot was $216.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $139K$155.8K
+12.1%
2 $230K$252.1K
+9.6%
3 $354.2K$395K
+11.5%
4 $478K$509K
+6.5%
5+ $553.2K$635K
+14.8%

Summary: Palatine housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.1%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 14.8%.

Median Sold Price Compared To Nearby Cities

Deer Park
+17.3%
Inverness
+16.5%
Rolling Meadows
+14.4%
Palatine Township
+9.3%
Palatine
+7.5%

Housing Supply in Palatine, IL

How many homes are available in Palatine, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
250286+14.4%

Summary: The Palatine real estate market had 286 homes for sale in October 2024, a 14.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2123
+9.5%
2 84111
+32.1%
3 6167
+9.8%
4 7267
-6.9%
5+ 1218
+50.0%

Summary: The Palatine housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.5%, 2 bedroom homes increased by 32.1%, 3 bedroom homes increased by 9.8%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
7682+7.9%

Asking Price vs. Sold Price

44 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

20 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. 53.7% of homes here sold below asking price last month.

Summary: A total of 82 homes were sold or pending in Palatine in October 2024, up by 7.9% month-over-month. Of the 82 sold homes, 54% were sold under asking, 22% were sold at asking, and 24% 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

Oct 2023Oct 2024CHANGE
14 Days19 Days+35.8%

Summary: Homes in Palatine had an average of 19 days on market in Oct 2024, up by 35.8% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

2 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 October 2024, 82 homes were sold in Palatine; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 2% 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 16 Days Ago

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