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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Shorewood is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Shorewood, IL

How much do homes in Shorewood, IL cost?

Median Sold Price

$347,000

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$22,000(+6.8%)

Key Takeaway

Homes in Shorewood have sold for 6.8% more than they did a year ago.

Summary: The median home sold price in Shorewood was $347,000 in May 2024, up 6.8% from last year, and the median price per square foot was $165.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $243K-
N/A
2 $265K$273K
+3.0%
3 $310K$315K
+1.6%
4 $390K$438.5K
+12.4%
5+ $425K$469.9K
+10.6%

Summary: Shorewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 10.6%.

Median Sold Price Compared To Nearby Cities

Shorewood
+6.8%
Troy Township
+6.3%
Joliet
+4.3%

Housing Supply in Shorewood, IL

How many homes are available in Shorewood, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7385+16.4%

Summary: The Shorewood real estate market had 85 homes for sale in May 2024, a 16.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1212
0.0%
3 2131
+47.6%
4 3234
+6.3%
5+ 88
0.0%

Summary: The Shorewood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 47.6%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1926+36.8%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Shorewood, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.

Summary: A total of 26 homes were sold or pending in Shorewood in May 2024, up by 36.8% month-over-month. Of the 26 sold homes, 27% were sold under asking, 19% were sold at asking, and 54% were sold over asking.

Days on Market for Shorewood, IL

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

Average Sale Time

May 2023May 2024CHANGE
39 Days12 Days-67.0%

Summary: Homes in Shorewood had an average of 12 days on market in May 2024, down by 67% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 26 homes were sold in Shorewood; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% 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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