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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Shore is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, South Shore was a Neutral Market.

Key Takeaway

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

Housing Prices in South Shore, IL

How much do homes in South Shore, IL cost?

Median Sold Price

$164,000

$100/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$34,000(+26.2%)

Key Takeaway

Homes in South Shore have sold for 26.2% more than they did a year ago.

Summary: The median home sold price in South Shore was $164,000 in November 2024, up 26.2% from last year, and the median price per square foot was $100.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $61K$65K
+6.6%
2 $101K$109K
+7.9%
3 $137.7K$158K
+14.7%
4 $227.5K$240K
+5.5%
5+ $325K$337.5K
+3.8%

Summary: South Shore housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.6%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 3.8%.

Median Sold Price Compared To Nearby Neighborhoods

South Shore
+26.2%
Woodlawn
+10.5%
South Chicago
-10.3%

Housing Supply in South Shore, IL

How many homes are available in South Shore, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
185212+14.6%

Summary: The South Shore real estate market had 212 homes for sale in November 2024, a 14.6% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1517
+13.3%
2 4345
+4.7%
3 4454
+22.7%
4 2934
+17.2%
5+ 5462
+14.8%

Summary: The South Shore housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.3%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes increased by 14.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1324+84.6%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Shore, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in South Shore in November 2024, up by 84.6% month-over-month. Of the 24 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.

Days on Market for South Shore, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
61 Days63 Days+2.6%

Summary: Homes in South Shore had an average of 63 days on market in Nov 2024, up by 2.6% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 24 homes were sold in South Shore; 42% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% 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

Newest Listings in South Shore, IL

Nearby Markets to South Shore, IL