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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Park Forest is a neutral's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

Park Forest is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Park Forest, IL

How much do homes in Park Forest, IL cost?

Median Sold Price

$140,700

$108/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$700(+0.5%)

Key Takeaway

The sold price of homes in Park Forest has remained the same since last year.

Summary: The median home sold price in Park Forest was $140,700 in May 2024, up 0.5% from last year, and the median price per square foot was $108.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $105K$110K
+4.8%
3 $150K$145.5K
-3.0%
4 $174K$175K
+0.6%
5+ $211.5K$175K
-17.3%

Summary: Park Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.8%, 3 bedroom homes decreased by 3%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes decreased by 17.3%.

Median Sold Price Compared To Nearby Cities

Richton Park
+6.0%
Olympia Fields
+4.7%
Monee Township
+0.6%
Park Forest
0.5%
University Park
0.0%

Housing Supply in Park Forest, IL

How many homes are available in Park Forest, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
164176+7.3%

Summary: The Park Forest real estate market had 176 homes for sale in May 2024, a 7.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 3231
-3.1%
3 96101
+5.2%
4 3138
+22.6%
5+ 45
+25.0%

Summary: The Park Forest 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 decreased by 3.1%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 22.6%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3626-27.8%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Forest, you may be able to get a good deal. 65.4% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in Park Forest in May 2024, down by 27.8% month-over-month. Of the 26 sold homes, 65% were sold under asking, 4% were sold at asking, and 31% were sold over asking.

Days on Market for Park Forest, IL

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

Average Sale Time

May 2023May 2024CHANGE
49 Days43 Days-12.4%

Summary: Homes in Park Forest had an average of 43 days on market in May 2024, down by 12.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 26 homes were sold in Park Forest; 50% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 15% 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 1 Day Ago

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