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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Side is a buyer's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in South Side, IL

How much do homes in South Side, IL cost?

Median Sold Price

$272,490

$166/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$12,517(+4.8%)

Key Takeaway

Homes in South Side have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in South Side was $272,490 in October 2024, up 4.8% from last year, and the median price per square foot was $166.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $117.5K$131.5K
+11.9%
2 $185K$187.3K
+1.3%
3 $292.5K$303.3K
+3.7%
4 $339.5K$350K
+3.1%
5+ $392.6K$410K
+4.4%

Summary: South Side housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 1.3%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 4.4%.

Median Sold Price Compared To Nearby Neighborhoods

Hyde Park
+11.0%
South Side
+4.8%
Kenwood
+4.0%
Woodlawn
+3.0%

Housing Supply in South Side, IL

How many homes are available in South Side, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8591,020+18.7%

Summary: The South Side real estate market had 1,020 homes for sale in October 2024, a 18.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 6568
+4.6%
2 145182
+25.5%
3 257317
+23.3%
4 158176
+11.4%
5+ 234277
+18.4%

Summary: The South Side housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.6%, 2 bedroom homes increased by 25.5%, 3 bedroom homes increased by 23.3%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 18.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
12298-19.7%

Asking Price vs. Sold Price

55 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Side, you may be able to get a good deal. 56.1% of homes here sold below asking price last month.

Summary: A total of 98 homes were sold or pending in South Side in October 2024, down by 19.7% month-over-month. Of the 98 sold homes, 56% were sold under asking, 19% were sold at asking, and 24% were sold over asking.

Days on Market for South Side, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
43 Days41 Days-3.6%

Summary: Homes in South Side had an average of 41 days on market in Oct 2024, down by 3.6% compared to last year.

Breakdown of Home Sale Times

58 Homes Were Sold
Under 30 Days

28 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 98 homes were sold in South Side; 59% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 12% 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 23 Days Ago

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