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 October 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

$229,933

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$19,719(+9.4%)

Key Takeaway

Homes in Waukegan have sold for 9.4% more than they did a year ago.

Summary: The median home sold price in Waukegan was $229,933 in October 2024, up 9.4% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $63.5K$77K
+21.3%
2 $177K$200K
+13.0%
3 $213.3K$235K
+10.2%
4 $252.2K$275K
+9.0%
5+ $252.5K$270K
+6.9%

Summary: Waukegan housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.3%, 2 bedroom homes increased by 13%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 6.9%.

Median Sold Price Compared To Nearby Cities

Beach Park
+17.4%
Waukegan
+9.4%
Waukegan Township
+8.1%
Warren Township
+3.0%

Housing Supply in Waukegan, IL

How many homes are available in Waukegan, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
160190+18.8%

Summary: The Waukegan real estate market had 190 homes for sale in October 2024, a 18.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 3549
+40.0%
3 7382
+12.3%
4 3838
0.0%
5+ 1118
+63.6%

Summary: The Waukegan housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 12.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 63.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4450+13.6%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Waukegan, you could pay more than the asking price. 44% of homes here sold above asking price last month.

Summary: A total of 50 homes were sold or pending in Waukegan in October 2024, up by 13.6% month-over-month. Of the 50 sold homes, 36% were sold under asking, 20% were sold at asking, and 44% 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

Oct 2023Oct 2024CHANGE
19 Days13 Days-31.3%

Summary: Homes in Waukegan had an average of 13 days on market in Oct 2024, down by 31.3% compared to last year.

Breakdown of Home Sale Times

43 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 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 October 2024, 50 homes were sold in Waukegan; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% 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 20 Days Ago

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