Is River West, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River West is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in River West, IL

How much do homes in River West, IL cost?

Median Sold Price

$513,500

$343/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$21,500(-4.0%)

Key Takeaway

Homes in River West have sold for 4% less than they did a year ago.

Summary: The median home sold price in River West was $513,500 in November 2024, down 4% from last year, and the median price per square foot was $343.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $274.5K$333.2K
+21.4%
2 $500K$475K
-5.0%
3 $748.6K$619.2K
-17.3%
4 $1.1M$958K
-12.9%
5+ -$1.6M
N/A

Summary: River West housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.4%, 2 bedroom homes decreased by 5%, 3 bedroom homes decreased by 17.3%, 4 bedroom homes decreased by 12.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Noble Square
+10.6%
West Town
+5.1%
Fulton River District
+3.7%
River North
+3.3%
River West
-4.0%

Housing Supply in River West, IL

How many homes are available in River West, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2221-4.5%

Summary: The River West real estate market had 21 homes for sale in November 2024, a 4.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 42
-50.0%
2 68
+33.3%
3 1111
0.0%
4 10
-100.0%
5+ 00
0.0%

Summary: The River West housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
56+20.0%

Asking Price vs. Sold Price

4 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 River West, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in River West in November 2024, up by 20.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.

Days on Market for River West, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
31 Days14 Days-52.7%

Summary: Homes in River West had an average of 14 days on market in Nov 2024, down by 52.7% compared to last year.

Breakdown of Home Sale Times

5 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 River West are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 6 homes were sold in River West; 83% of homes were sold within 30 days, 17% 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 17 Days Ago

Newest Listings in River West, IL

Nearby Markets to River West, IL