Cook County Housing Market Analysis
In the heartland of Illinois, Cook County stands as a prominent hub for real estate activities. This article provides an overview of the current market trends, housing prices, inventory, and sale times in Cook County. We will also compare these trends to other adjacent counties.
Market Status: Cook County
The Cook County real estate market, as of March 2024, leans in favor of sellers. This is evident from the housing prices and lower supply. We can conclude that Cook County is predominantly a Seller's Market.
Cook County Housing Prices
An analysis of the housing prices in Cook County reveals some interesting data. The median sale price of single family homes as of March 2024 stands around $320,000. This is about a 3.5% increase from the previous year, indicating a healthy growth rate.
Median Price per Square Foot
The price per square foot, another critical metric in real estate, is also on the rise. The median price per square foot in Cook County is currently $219.
Price Variation Based on Bedrooms
The price of homes can fluctuate based on the number of bedrooms. Here is a comparison of the median sale price based on the number of bedrooms from March 2023 to March 2024.
Cook County vs. Nearby Counties: Housing Prices
Now, let's see how Cook County fares against nearby counties in terms of median sold prices.
Cook County Housing Supply
The number of homes available in Cook County has increased by 19.0% from February 2024 to March 2024. The total number of homes available for sale as of March 2024 is 17,620.
Homes For Sale By Bedroom Count
Here is a breakdown of the available homes based on the number of bedrooms.
Homes Sold in Cook County
In March 2024, a total of 3,759 homes were sold in Cook County, marking an increase of 24.6% from the previous month. Among these, a significant number of homes were sold below the asking price, making it a good time for prospective buyers. This large increase in homes sold from February to March is a good sign that the market is going to have increased activity in the coming months
Time Taken to Sell a Home
The average time it takes to sell a home in Cook County has decreased by 14.9% from the previous year. As of March 2024, the average sale time is 35 days.
Conclusion
Cook County's real estate market is thriving, with rising housing prices and a growing level of inventory. Despite the seller's market scenario, the significant number of homes sold below the asking price indicates opportunities for buyers as well. Comparatively, Cook County's growth rate is slower than its neighboring counties, but it maintains a steady pace. At Locations, Inc. we are proud to assist our community with in real estate realm.
