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 neutral's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

Southwest Side is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Southwest Side, IL

How much do homes in Southwest Side, IL cost?

Median Sold Price

$275,000

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$22,466(+8.9%)

Key Takeaway

Homes in Southwest Side have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in Southwest Side was $275,000 in October 2024, up 8.9% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $124.9K$120K
-3.9%
2 $199.8K$221K
+10.6%
3 $264.9K$285K
+7.6%
4 $245K$275K
+12.2%
5+ $280K$300.5K
+7.3%

Summary: Southwest Side housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.9%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 7.3%.

Median Sold Price Compared To Nearby Neighborhoods

West Elsdon
+27.1%
Archer Heights
+16.0%
Garage Park
+9.8%
Southwest Side
+8.9%
Chicago Lawn
+7.7%

Housing Supply in Southwest Side, IL

How many homes are available in Southwest Side, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
770897+16.5%

Summary: The Southwest Side real estate market had 897 homes for sale in October 2024, a 16.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1220
+66.7%
2 8993
+4.5%
3 241274
+13.7%
4 168199
+18.5%
5+ 260311
+19.6%

Summary: The Southwest Side housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 18.5%, and 5+ bedroom homes increased by 19.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
169143-15.4%

Asking Price vs. Sold Price

67 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

46 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest Side, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

Summary: A total of 143 homes were sold or pending in Southwest Side in October 2024, down by 15.4% month-over-month. Of the 143 sold homes, 47% were sold under asking, 21% were sold at asking, and 32% 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

Oct 2023Oct 2024CHANGE
33 Days31 Days-5.8%

Summary: Homes in Southwest Side had an average of 31 days on market in Oct 2024, down by 5.8% compared to last year.

Breakdown of Home Sale Times

100 Homes Were Sold
Under 30 Days

28 Homes Were Sold
In 30 - 90 Days

15 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 October 2024, 143 homes were sold in Southwest Side; 70% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 10% 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 13 Days Ago

Newest Listings in Southwest Side, IL

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