Is Park Forest, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Park Forest was a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $105K | $110K | +4.8% |
3 Bedrooms | $150K | $145.5K | -3.0% |
4 Bedrooms | $174K | $175K | +0.6% |
5+ Bedrooms | $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 | $183K | $194K | +6.0% |
Olympia Fields | $324.1K | $339.5K | +4.7% |
Monee Township | $212.8K | $214.1K | +0.6% |
Park Forest | $140K | $140.7K | 0.5% |
University Park | $175K | $175K | 0.0% |
Housing Supply in Park Forest, IL
How many homes are available in Park Forest, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
164 | 176 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 32 | 31 | -3.1% |
3 Bedrooms | 96 | 101 | +5.2% |
4 Bedrooms | 31 | 38 | +22.6% |
5+ Bedrooms | 4 | 5 | +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 2024 | May 2024 | CHANGE |
---|---|---|
36 | 26 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
49 Days | 43 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
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.