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 November 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

$363,646

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$28,062(+8.4%)

Key Takeaway

Homes in Palatine Township have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Palatine Township was $363,646 in November 2024, up 8.4% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $143K$159.9K
+11.8%
2 $238.2K$267K
+12.1%
3 $355K$395K
+11.3%
4 $495K$526K
+6.3%
5+ $555K$675K
+21.6%

Summary: Palatine Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 21.6%.

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 Township, IL

How many homes are available in Palatine Township, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
372335-9.9%

Summary: The Palatine Township real estate market had 335 homes for sale in November 2024, a 9.9% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 2823
-17.9%
2 128117
-8.6%
3 10497
-6.7%
4 9074
-17.8%
5+ 2224
+9.1%

Summary: The Palatine Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 17.9%, 2 bedroom homes decreased by 8.6%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes decreased by 17.8%, and 5+ bedroom homes increased by 9.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
12192-24.0%

Asking Price vs. Sold Price

49 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

25 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. 53.3% of homes here sold below asking price last month.

Summary: A total of 92 homes were sold or pending in Palatine Township in November 2024, down by 24.0% month-over-month. Of the 92 sold homes, 53% were sold under asking, 20% 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

Nov 2023Nov 2024CHANGE
21 Days24 Days+11.8%

Summary: Homes in Palatine Township had an average of 24 days on market in Nov 2024, up by 11.8% compared to last year.

Breakdown of Home Sale Times

72 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

6 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 November 2024, 92 homes were sold in Palatine Township; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 7% 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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