Is Palos Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Park is a buyer's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Palos Park was a Seller's Market.

Key Takeaway

Palos Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Palos Park, IL

How much do homes in Palos Park, IL cost?

Median Sold Price

$423,750

$192/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$36,250(-7.9%)

Key Takeaway

Homes in Palos Park have sold for 7.9% less than they did a year ago.

Summary: The median home sold price in Palos Park was $423,750 in April 2024, down 7.9% from last year, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $243.5K$262.5K
+7.8%
3 $375.5K$410K
+9.2%
4 $649K$572.5K
-11.8%
5+ $789.5K$952.5K
+20.6%

Summary: Palos Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 9.2%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 20.6%.

Median Sold Price Compared To Nearby Cities

Palos Township
+18.6%
Palos Hills
+16.3%
Orland Park
+9.4%
Palos Heights
+7.8%
Palos Park
-7.9%

Housing Supply in Palos Park, IL

How many homes are available in Palos Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3154+74.2%

Summary: The Palos Park real estate market had 54 homes for sale in April 2024, a 74.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 23
+50.0%
2 25
+150.0%
3 1018
+80.0%
4 1118
+63.6%
5+ 610
+66.7%

Summary: The Palos Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 150%, 3 bedroom homes increased by 80%, 4 bedroom homes increased by 63.6%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
35+66.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Park, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Palos Park in April 2024, up by 66.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% were sold over asking.

Days on Market for Palos Park, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
26 Days27 Days+2.4%

Summary: Homes in Palos Park had an average of 27 days on market in Apr 2024, up by 2.4% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 5 homes were sold in Palos Park; 60% of homes were sold within 30 days, 40% 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 10 Days Ago

Newest Listings in Palos Park, IL

Nearby Markets to Palos Park, IL

What housing markets are near Palos Park, IL?