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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Township is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Palos Township has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Palos Township, IL

How much do homes in Palos Township, IL cost?

Median Sold Price

$310,000

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$48,540(+18.6%)

Key Takeaway

Homes in Palos Township have sold for 18.6% more than they did a year ago.

Summary: The median home sold price in Palos Township was $310,000 in April 2024, up 18.6% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $102.5K$113K
+10.2%
2 $194.6K$215K
+10.4%
3 $300K$345K
+15.0%
4 $445K$442.3K
-0.6%
5+ $600K$630K
+5.0%

Summary: Palos Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 15%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes increased by 5%.

Median Sold Price Compared To Nearby Cities

Worth
+23.0%
Hickory Hills
+18.8%
Palos Township
+18.6%
Palos Hills
+16.3%
Palos Park
-7.9%

Housing Supply in Palos Township, IL

How many homes are available in Palos Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
177208+17.5%

Summary: The Palos Township real estate market had 208 homes for sale in April 2024, a 17.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 46
+50.0%
2 5355
+3.8%
3 6380
+27.0%
4 4148
+17.1%
5+ 1619
+18.8%

Summary: The Palos Township 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 3.8%, 3 bedroom homes increased by 27%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 18.8%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
6152-14.8%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Township, you may be able to get a good deal. 44.2% of homes here sold below asking price last month.

Summary: A total of 52 homes were sold or pending in Palos Township in April 2024, down by 14.8% month-over-month. Of the 52 sold homes, 44% were sold under asking, 17% were sold at asking, and 38% were sold over asking.

Days on Market for Palos Township, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
24 Days31 Days+25.2%

Summary: Homes in Palos Township had an average of 31 days on market in Apr 2024, up by 25.2% compared to last year.

Breakdown of Home Sale Times

39 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 52 homes were sold in Palos Township; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 12% 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 14 Days Ago

Newest Listings in Palos Township, IL

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