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 seller's market

Buyer's
Market

Difference Since October 2023

Since last year, South Chicago has remained a Seller's Market.

Key Takeaway

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

Housing Prices in South Chicago, IL

How much do homes in South Chicago, IL cost?

Median Sold Price

$176,333

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$18,666(-9.6%)

Key Takeaway

Homes in South Chicago have sold for 9.6% less than they did a year ago.

Summary: The median home sold price in South Chicago was $176,333 in October 2024, down 9.6% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $142.5K$225.8K
+58.5%
2 $96.5K$115K
+19.2%
3 $169K$160K
-5.3%
4 $182K$170.5K
-6.3%
5+ $250K$210K
-16.0%

Summary: South Chicago housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 58.5%, 2 bedroom homes increased by 19.2%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes decreased by 16%.

Median Sold Price Compared To Nearby Neighborhoods

South Shore
+15.1%
Far Southeast Side
+10.9%
East Side
+9.5%
South Side
+4.8%
South Chicago
-9.6%

Housing Supply in South Chicago, IL

How many homes are available in South Chicago, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
123145+17.9%

Summary: The South Chicago real estate market had 145 homes for sale in October 2024, a 17.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 12
+100.0%
2 79
+28.6%
3 3137
+19.4%
4 3139
+25.8%
5+ 5358
+9.4%

Summary: The South Chicago housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 25.8%, and 5+ bedroom homes increased by 9.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1735+105.9%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

12 Homes Were 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. 45.7% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in South Chicago in October 2024, up by 105.9% month-over-month. Of the 35 sold homes, 46% were sold under asking, 20% were sold at asking, and 34% 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

Oct 2023Oct 2024CHANGE
65 Days63 Days-2.4%

Summary: Homes in South Chicago had an average of 63 days on market in Oct 2024, down by 2.4% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

9 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 October 2024, 35 homes were sold in South Chicago; 57% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 26% 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 21 Days Ago

Newest Listings in South Chicago, IL

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