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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Deerfield is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Deerfield, IL

How much do homes in Deerfield, IL cost?

Median Sold Price

$548,000

$258/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$23,000(+4.4%)

Key Takeaway

Homes in Deerfield have sold for 4.4% more than they did a year ago.

Summary: The median home sold price in Deerfield was $548,000 in May 2024, up 4.4% from last year, and the median price per square foot was $258.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $210K$243K
+15.7%
2 $300K$325K
+8.3%
3 $458.5K$445K
-2.9%
4 $631.2K$720K
+14.1%
5+ $800K$915K
+14.4%

Summary: Deerfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.7%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 14.4%.

Median Sold Price Compared To Nearby Cities

West Deerfield Township
+10.0%
Riverwoods
+8.8%
Northbrook
+7.5%
Deerfield
+4.4%
Bannockburn
+1.4%

Housing Supply in Deerfield, IL

How many homes are available in Deerfield, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
87104+19.5%

Summary: The Deerfield real estate market had 104 homes for sale in May 2024, a 19.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 01
+100.0%
2 1716
-5.9%
3 2134
+61.9%
4 3539
+11.4%
5+ 1414
0.0%

Summary: The Deerfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 61.9%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
3027-10.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Deerfield, you could pay more than the asking price. 70.4% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in Deerfield in May 2024, down by 10.0% month-over-month. Of the 27 sold homes, 15% were sold under asking, 15% were sold at asking, and 70% were sold over asking.

Days on Market for Deerfield, IL

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

Average Sale Time

May 2023May 2024CHANGE
23 Days25 Days+8.3%

Summary: Homes in Deerfield had an average of 25 days on market in May 2024, up by 8.3% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 27 homes were sold in Deerfield; 89% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 7% 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 1 Day Ago

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