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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Woodlawn is a buyer's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

Woodlawn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Woodlawn, IL

How much do homes in Woodlawn, IL cost?

Median Sold Price

$305,000

$156/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$9,000(+3.0%)

Key Takeaway

Homes in Woodlawn have sold for 3% more than they did a year ago.

Summary: The median home sold price in Woodlawn was $305,000 in October 2024, up 3% from last year, and the median price per square foot was $156.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $79K$120K
+51.9%
2 $187K$178.6K
-4.5%
3 $272.7K$258.5K
-5.2%
4 $341.5K$539.9K
+58.1%
5+ $369.8K$433K
+17.1%

Summary: Woodlawn housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.9%, 2 bedroom homes decreased by 4.5%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes increased by 58.1%, and 5+ bedroom homes increased by 17.1%.

Median Sold Price Compared To Nearby Neighborhoods

South Side
+4.8%
Woodlawn
+3.0%
Grand Crossing
-0.2%
Washington Park
-3.4%

Housing Supply in Woodlawn, IL

How many homes are available in Woodlawn, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
95118+24.2%

Summary: The Woodlawn real estate market had 118 homes for sale in October 2024, a 24.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 34
+33.3%
2 916
+77.8%
3 2329
+26.1%
4 1718
+5.9%
5+ 4351
+18.6%

Summary: The Woodlawn housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 77.8%, 3 bedroom homes increased by 26.1%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 18.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
126-50.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Woodlawn, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Woodlawn in October 2024, down by 50.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.

Days on Market for Woodlawn, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
61 Days48 Days-20.5%

Summary: Homes in Woodlawn had an average of 48 days on market in Oct 2024, down by 20.5% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 6 homes were sold in Woodlawn; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% 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 22 Days Ago

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