Is Waukegan, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Waukegan is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Waukegan, IL

How much do homes in Waukegan, IL cost?

Median Sold Price

$229,966

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$21,966(+10.6%)

Key Takeaway

Homes in Waukegan have sold for 10.6% more than they did a year ago.

Summary: The median home sold price in Waukegan was $229,966 in September 2024, up 10.6% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $63.5K$74K
+16.5%
2 $177K$200K
+13.0%
3 $210K$230.2K
+9.6%
4 $246.5K$275K
+11.6%
5+ $253.5K$270K
+6.5%

Summary: Waukegan housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 13%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 6.5%.

Median Sold Price Compared To Nearby Cities

Beach Park
+13.2%
Waukegan
+10.6%
Waukegan Township
+10.4%
Warren Township
+3.1%

Housing Supply in Waukegan, IL

How many homes are available in Waukegan, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
157170+8.3%

Summary: The Waukegan real estate market had 170 homes for sale in September 2024, a 8.3% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 34
+33.3%
2 3535
0.0%
3 7078
+11.4%
4 3839
+2.6%
5+ 1114
+27.3%

Summary: The Waukegan housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 27.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4638-17.4%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Waukegan, expect to pay close to the asking price. 36.8% of homes here sold near the asking price last month.

Summary: A total of 38 homes were sold or pending in Waukegan in September 2024, down by 17.4% month-over-month. Of the 38 sold homes, 29% were sold under asking, 37% were sold at asking, and 34% were sold over asking.

Days on Market for Waukegan, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
15 Days41 Days+166.3%

Summary: Homes in Waukegan had an average of 41 days on market in Sep 2024, up by 166.3% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 38 homes were sold in Waukegan; 84% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% 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 29 Days Ago

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