Western Springs, IL 60558 Real Estate Market Report

ZIP Code: 60558
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Western Springs, IL is currently characterized by a median sold price of $849,943.5, indicating a competitive landscape despite recent fluctuations. The neighborhood has decreased 8% since 2022, suggesting potential pricing pressure as sellers adjust expectations in response to market dynamics. The median listing price stands at $950,000, highlighting a notable gap between asking and selling prices, which may indicate pricing friction as buyers navigate elevated inventory levels.

Market activity appears tempered, with median days on market extending to 247 days, reflecting slower sales velocity and a potential mismatch between buyer demand and seller expectations. Elevated inventory levels relative to sales activity suggest a market that is currently balancing, with moderately elevated interest rates contributing to a cautious environment for both buyers and sellers.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Western Springs IL 60558 market average around 6.08% compared to the 2026 average of 6.34% when the property's loan originated.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. $849,943.5 is the current median sold price, indicating a competitive market despite recent price declines.

2. The median listing price of $950,000 suggests a significant gap from the sold price, which may indicate pricing friction as sellers adjust expectations.

3. With median days on market at 247 days, this reflects slower sales velocity and potential buyer hesitance.

4. The market temperature is neutral, indicating balanced conditions despite the elevated inventory levels.

5. Rental prices are experiencing a year-over-year decline, contrasting with the competitive sales market, which may suggest downward pressure on rental demand.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.