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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richton Park is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Richton Park has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Richton Park, IL

How much do homes in Richton Park, IL cost?

Median Sold Price

$190,250

$130/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,250(+3.4%)

Key Takeaway

Homes in Richton Park have sold for 3.4% more than they did a year ago.

Summary: The median home sold price in Richton Park was $190,250 in April 2024, up 3.4% from last year, and the median price per square foot was $130.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $50.5K$49K
-3.0%
2 $97.5K$110.5K
+13.3%
3 $187.5K$180K
-4.0%
4 $243K$285K
+17.3%
5+ $350.5K$320K
-8.7%

Summary: Richton Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 13.3%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes decreased by 8.7%.

Median Sold Price Compared To Nearby Cities

Richton Park
+3.4%
Park Forest
0.3%
University Park
0.0%
Matteson
-4.2%
Rich Township
-7.1%

Housing Supply in Richton Park, IL

How many homes are available in Richton Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
5358+9.4%

Summary: The Richton Park real estate market had 58 homes for sale in April 2024, a 9.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 67
+16.7%
3 2835
+25.0%
4 1815
-16.7%
5+ 00
0.0%

Summary: The Richton Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1315+15.4%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richton Park, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in Richton Park in April 2024, up by 15.4% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.

Days on Market for Richton Park, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
35 Days67 Days+91.0%

Summary: Homes in Richton Park had an average of 67 days on market in Apr 2024, up by 91% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 15 homes were sold in Richton Park; 40% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 27% 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 19 Days Ago

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