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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine Township is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Palatine Township, IL

How much do homes in Palatine Township, IL cost?

Median Sold Price

$364,743

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$30,910(+9.3%)

Key Takeaway

Homes in Palatine Township have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Palatine Township was $364,743 in October 2024, up 9.3% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $140.2K$159.2K
+13.5%
2 $236K$267.7K
+13.4%
3 $350K$395K
+12.9%
4 $495K$522K
+5.5%
5+ $555K$675K
+21.6%

Summary: Palatine Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.5%, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 21.6%.

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 Township, IL

How many homes are available in Palatine Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
355403+13.5%

Summary: The Palatine Township real estate market had 403 homes for sale in October 2024, a 13.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2529
+16.0%
2 106139
+31.1%
3 97109
+12.4%
4 105100
-4.8%
5+ 2226
+18.2%

Summary: The Palatine Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16%, 2 bedroom homes increased by 31.1%, 3 bedroom homes increased by 12.4%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 18.2%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1131130.0%

Asking Price vs. Sold Price

62 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

30 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine Township, you may be able to get a good deal. 54.9% of homes here sold below asking price last month.

Summary: A total of 113 homes were sold or pending in Palatine Township in October 2024, the same as the previous month. Of the 113 sold homes, 55% were sold under asking, 19% were sold at asking, and 27% were sold over asking.

Days on Market for Palatine Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
14 Days19 Days+33.2%

Summary: Homes in Palatine Township had an average of 19 days on market in Oct 2024, up by 33.2% compared to last year.

Breakdown of Home Sale Times

90 Homes Were Sold
Under 30 Days

21 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 113 homes were sold in Palatine Township; 80% of homes were sold within 30 days, 19% 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 20 Days Ago

Newest Listings in Palatine Township, IL

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What housing markets are near Palatine Township, IL?