Is Palmer Square, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palmer Square is a seller's market

Buyer's
Market

Difference Since December 2023

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

Key Takeaway

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

Housing Prices in Palmer Square, IL

How much do homes in Palmer Square, IL cost?

Median Sold Price

$621,000

$358/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

-$9,000(-1.4%)

Key Takeaway

Homes in Palmer Square have sold for 1.4% less than they did a year ago.

Summary: The median home sold price in Palmer Square was $621,000 in December 2024, down 1.4% from last year, and the median price per square foot was $358.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $209.5K$359K
+71.4%
2 $439.9K$450K
+2.3%
3 $695K$657.4K
-5.4%
4 $751K$775K
+3.2%
5+ $966.5K$1.0M
+6.0%

Summary: Palmer Square housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 71.4%, 2 bedroom homes increased by 2.3%, 3 bedroom homes decreased by 5.4%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes increased by 6%.

Median Sold Price Compared To Nearby Neighborhoods

North Side
+7.6%
Logan Square
+4.4%
Palmer Square
-1.4%

Housing Supply in Palmer Square, IL

How many homes are available in Palmer Square, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
20200.0%

Summary: The Palmer Square real estate market had 20 homes for sale in December 2024, the same as November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 00
0.0%
2 44
0.0%
3 56
+20.0%
4 53
-40.0%
5+ 67
+16.7%

Summary: The Palmer Square housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 40%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
550.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palmer Square, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Palmer Square in December 2024, the same as the previous month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.

Days on Market for Palmer Square, IL

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

Average Sale Time

Dec 2023Dec 2024CHANGE
19 Days18 Days-4.8%

Summary: Homes in Palmer Square had an average of 18 days on market in Dec 2024, down by 4.8% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During December 2024, 5 homes were sold in Palmer Square; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% 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 8 Days Ago

Newest Listings in Palmer Square, IL

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