Is South Chicago, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Chicago is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, South Chicago was a Seller's Market.

Key Takeaway

South Chicago is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in South Chicago, IL

How much do homes in South Chicago, IL cost?

Median Sold Price

$176,333

$102/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$20,166(-10.3%)

Key Takeaway

Homes in South Chicago have sold for 10.3% less than they did a year ago.

Summary: The median home sold price in South Chicago was $176,333 in November 2024, down 10.3% from last year, and the median price per square foot was $102.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $195K-
N/A
2 $105K$73.5K
-30.0%
3 $178.5K$168K
-5.9%
4 $175K$166K
-5.1%
5+ $250K$215K
-14.0%

Summary: South Chicago housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 30%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes decreased by 5.1%, and 5+ bedroom homes decreased by 14%.

Median Sold Price Compared To Nearby Neighborhoods

South Shore
+26.2%
Far Southeast Side
+11.8%
South Side
+5.5%
South Chicago
-10.3%

Housing Supply in South Chicago, IL

How many homes are available in South Chicago, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
137132-3.6%

Summary: The South Chicago real estate market had 132 homes for sale in November 2024, a 3.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 1010
0.0%
3 3434
0.0%
4 3738
+2.7%
5+ 5448
-11.1%

Summary: The South Chicago housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 11.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3614-61.1%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Chicago, you may be able to get a good deal. 64.3% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in South Chicago in November 2024, down by 61.1% month-over-month. Of the 14 sold homes, 64% were sold under asking, 29% were sold at asking, and 7% were sold over asking.

Days on Market for South Chicago, IL

How long does it take to sell a home in South Chicago, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
47 Days74 Days+55.7%

Summary: Homes in South Chicago had an average of 74 days on market in Nov 2024, up by 55.7% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 14 homes were sold in South Chicago; 43% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 36% 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 22 Days Ago

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