Is Oak Lawn, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Lawn is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Oak Lawn, IL

How much do homes in Oak Lawn, IL cost?

Median Sold Price

$254,366

$175/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$9,366(+3.8%)

Key Takeaway

Homes in Oak Lawn have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in Oak Lawn was $254,366 in April 2024, up 3.8% from last year, and the median price per square foot was $175.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $100K$110K
+10.0%
2 $150.4K$168.5K
+12.0%
3 $286.2K$305K
+6.6%
4 $331.5K$340K
+2.6%
5+ $420K$355K
-15.5%

Summary: Oak Lawn housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes decreased by 15.5%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
+11.0%
Burbank
+9.4%
Hometown
+9.3%
Worth Township
+6.6%
Oak Lawn
+3.8%

Housing Supply in Oak Lawn, IL

How many homes are available in Oak Lawn, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
184215+16.8%

Summary: The Oak Lawn real estate market had 215 homes for sale in April 2024, a 16.8% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 610
+66.7%
2 5869
+19.0%
3 7171
0.0%
4 3851
+34.2%
5+ 1114
+27.3%

Summary: The Oak Lawn housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 19%, 3 bedroom homes remained the same, 4 bedroom homes increased by 34.2%, and 5+ bedroom homes increased by 27.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
62620.0%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Lawn, you may be able to get a good deal. 35.5% of homes here sold below asking price last month.

Summary: A total of 62 homes were sold or pending in Oak Lawn in April 2024, the same as the previous month. Of the 62 sold homes, 35% were sold under asking, 29% were sold at asking, and 35% were sold over asking.

Days on Market for Oak Lawn, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
22 Days28 Days+30.6%

Summary: Homes in Oak Lawn had an average of 28 days on market in Apr 2024, up by 30.6% compared to last year.

Breakdown of Home Sale Times

47 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 62 homes were sold in Oak Lawn; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% 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 10 Days Ago

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