Des Plaines Real Estate & Homes For Sale

Des Plaines Housing Market Trends

As of August 2023, the Des Plaines housing market has been trending towards competitiveness, with homes receiving an average of 4 offers before being sold. The average time a home stays on the market has slightly decreased to 47 days compared to 48 days last year, reinforcing the notion that Des Plaines is a burgeoning real estate destination.

Pricing Trends

The median sale price for homes in Des Plaines has shown a significant increase of 18.8% over the past year, reaching $345,000. This robust growth signifies a healthy demand for properties in the area. Additionally, the median sale price per square foot stands at $222, marking a 6.7% uptick from last year.

Market Heat Index

When assessing how "hot" a housing market is, factors like the number of offers received, the list price, and the time to go pending are considered. In Des Plaines:

Average Home Sales: Homes generally sell for approximately 1% above the list price and take around 41 days to go pending.
Hot Home Sales: These are properties that are exceptionally sought after and can sell for about 3% above the list price, going pending in roughly 31 days.

Migration & Relocation Trends

Migration patterns significantly affect the dynamics of a housing market. For Des Plaines:

Inbound Movement: About 4% of homebuyers are looking to move into Des Plaines from outside metropolitan areas. Denver, Rockford, and Peoria are the top cities where these searches originate.
Outbound Movement: While 16% of Des Plaines residents searched for homes outside the metropolitan area, the majority (84%) preferred to stay within the Des Plaines metro. Milwaukee, Cape Coral, and Miami are the most popular relocation destinations for those looking to move out.

Given the somewhat competitive nature of the market, buyers should be prepared for multiple-offer situations and be ready to act quickly. On the other hand, the statistics indicate that now may be an opportune time to sell, especially given the upward trend in home prices and the speed at which homes are selling.

The Des Plaines housing market is manifesting signs of competitive growth, with faster sales and increasing prices. Whether you're a buyer or a seller, understanding these trends can provide valuable insights for making informed decisions in this evolving market.