South Side Housing Market: How Fast Homes Are Selling

SOUTH SIDE, IL ? The housing market is poised to stay hot even as the outside temperature dips.

The national median sale price for single-family homes was 1.5 percent higher in October compared with the price in the last three weeks in September, according to Redfin. Median home sale prices were 13 percent higher than those in October 2020 and 30 percent higher than those in October 2019.

Mortgage rates have trended upward since August, which has pushed prospective buyers to buy before rates climb further, according to Redfin.

South Side Housing Market

The median sale price for a single-family home in the 60609 ZIP code was about $227,500 from the beginning of July through the end of September, according to Redfin. That was 40 percent lower than the price over the same period last year.

Redfin tracked 34 homes sold during the same time period, and 47 percent sold above list price. There were 51 new listings during this time, the firm said.

Not every home went under contract quickly in 60609, but 50 percent were under contract within two weeks of being listed.

ZIP code 60608

The median sale price for single-family homes in the 60608 ZIP code was $365,000 from July through September, according to Redfin; that was -4 percent lower than the same time last year.

Redfin tracked 28 homes sales during the same period, and 39 percent sold for above list price. There were 30 new listings during this time, the firm said.

Prospective homebuyers have to be quick if they are looking for a home in the 60608 ZIP code because more than half were off-market within two weeks of being listed.

Editor's note: This post was automatically generated using preliminary data from Redfin. Data is subject to revisions. Redfin is a Patch promotional partner. Please report any errors or other feedback to content@patch.com.