Is Palos Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Palos Park was a Seller's Market.
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
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
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $243.5K | $262.5K | +7.8% |
3 Bedrooms | $375.5K | $410K | +9.2% |
4 Bedrooms | $649K | $572.5K | -11.8% |
5+ Bedrooms | $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 | $261.4K | $310K | +18.6% |
Palos Hills | $212.7K | $247.5K | +16.3% |
Orland Park | $320K | $349.9K | +9.4% |
Palos Heights | $334.9K | $361K | +7.8% |
Palos Park | $460K | $423.7K | -7.9% |
Housing Supply in Palos Park, IL
How many homes are available in Palos Park, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
31 | 54 | +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
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 2 | 5 | +150.0% |
3 Bedrooms | 10 | 18 | +80.0% |
4 Bedrooms | 11 | 18 | +63.6% |
5+ Bedrooms | 6 | 10 | +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 2024 | Apr 2024 | CHANGE |
---|---|---|
3 | 5 | +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
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 2023 | Apr 2024 | CHANGE |
---|---|---|
26 Days | 27 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
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.