Is Franklin Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Franklin Park has remained a Seller's Market.
Housing Prices in Franklin Park, IL
How much do homes in Franklin Park, IL cost?
Median Sold Price
$310,000
$239/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Franklin Park was $310,000 in May 2024, up 12.7% from last year, and the median price per square foot was $239.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $182.5K | $142.4K | -21.9% |
2 Bedrooms | $250K | $257.5K | +3.0% |
3 Bedrooms | $285.5K | $315K | +10.3% |
4 Bedrooms | $329.5K | $355.9K | +8.0% |
5+ Bedrooms | $275K | $377.5K | +37.3% |
Summary: Franklin Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.9%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 37.3%.
Median Sold Price Compared To Nearby Cities
Northlake | $250K | $289.9K | +16.0% |
Franklin Park | $275K | $310K | +12.7% |
Leyden Township | $283.4K | $308.6K | +8.9% |
Melrose Park | $290K | $300K | +3.4% |
Schiller Park | $255K | $245K | -3.9% |
Housing Supply in Franklin Park, IL
How many homes are available in Franklin Park, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
33 | 39 | +18.2% |
Summary: The Franklin Park real estate market had 39 homes for sale in May 2024, a 18.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 12 | 12 | 0.0% |
3 Bedrooms | 15 | 21 | +40.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Franklin Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 40%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
9 | 13 | +44.4% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Franklin Park in May 2024, up by 44.4% month-over-month. Of the 13 sold homes, 15% were sold under asking, 8% were sold at asking, and 77% were sold over asking.
Days on Market for Franklin Park, IL
How long does it take to sell a home in Franklin Park, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
32 Days | 13 Days | -60.0% |
Summary: Homes in Franklin Park had an average of 13 days on market in May 2024, down by 60% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in Franklin Park; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.