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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southwest Side is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Southwest Side has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Southwest Side, IL

How much do homes in Southwest Side, IL cost?

Median Sold Price

$277,643

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$22,481(+8.8%)

Key Takeaway

Homes in Southwest Side have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in Southwest Side was $277,643 in November 2024, up 8.8% from last year, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $119K$122K
+2.5%
2 $205K$220.5K
+7.6%
3 $267.1K$285K
+6.7%
4 $250.4K$278K
+11.0%
5+ $279K$305K
+9.3%

Summary: Southwest Side housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 11%, and 5+ bedroom homes increased by 9.3%.

Median Sold Price Compared To Nearby Neighborhoods

West Elsdon
+27.6%
Archer Heights
+17.0%
Garage Park
+11.7%
Southwest Side
+8.8%
Chicago Lawn
+7.4%

Housing Supply in Southwest Side, IL

How many homes are available in Southwest Side, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
798838+5.0%

Summary: The Southwest Side real estate market had 838 homes for sale in November 2024, a 5.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1619
+18.8%
2 8481
-3.6%
3 244245
0.4%
4 177186
+5.1%
5+ 277307
+10.8%

Summary: The Southwest Side housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.8%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 10.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
166143-13.9%

Asking Price vs. Sold Price

49 Homes Were Sold
Under Asking

25 Homes Were Sold
At Asking

69 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest Side, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.

Summary: A total of 143 homes were sold or pending in Southwest Side in November 2024, down by 13.9% month-over-month. Of the 143 sold homes, 34% were sold under asking, 17% were sold at asking, and 48% were sold over asking.

Days on Market for Southwest Side, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
38 Days31 Days-20.1%

Summary: Homes in Southwest Side had an average of 31 days on market in Nov 2024, down by 20.1% compared to last year.

Breakdown of Home Sale Times

104 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 143 homes were sold in Southwest Side; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 7% 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 Southwest Side, IL

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