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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Wheeling is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Wheeling, IL

How much do homes in Wheeling, IL cost?

Median Sold Price

$274,533

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$14,533(+5.6%)

Key Takeaway

Homes in Wheeling have sold for 5.6% more than they did a year ago.

Summary: The median home sold price in Wheeling was $274,533 in May 2024, up 5.6% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $109K$149.7K
+37.4%
2 $216K$230K
+6.5%
3 $275K$298K
+8.4%
4 $381.5K$405K
+6.2%
5+ $536K$440K
-17.9%

Summary: Wheeling housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.4%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes decreased by 17.9%.

Median Sold Price Compared To Nearby Cities

Buffalo Grove
+10.6%
Arlington Heights
+10.6%
Wheeling
+5.6%
Wheeling Township
+4.4%
Prospect Heights
-5.5%

Housing Supply in Wheeling, IL

How many homes are available in Wheeling, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
9295+3.3%

Summary: The Wheeling real estate market had 95 homes for sale in May 2024, a 3.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 64
-33.3%
2 3836
-5.3%
3 4245
+7.1%
4 49
+125.0%
5+ 21
-50.0%

Summary: The Wheeling housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 125%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4037-7.5%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Wheeling, you could pay more than the asking price. 54.1% of homes here sold above asking price last month.

Summary: A total of 37 homes were sold or pending in Wheeling in May 2024, down by 7.5% month-over-month. Of the 37 sold homes, 32% were sold under asking, 14% were sold at asking, and 54% were sold over asking.

Days on Market for Wheeling, IL

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

Average Sale Time

May 2023May 2024CHANGE
12 Days13 Days+5.9%

Summary: Homes in Wheeling had an average of 13 days on market in May 2024, up by 5.9% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 37 homes were sold in Wheeling; 95% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% 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 4 Days Ago

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