Is River Forest, 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, River Forest has remained a Seller's Market.
Housing Prices in River Forest, IL
How much do homes in River Forest, IL cost?
Median Sold Price
$550,000
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in River Forest was $550,000 in May 2024, up 12.6% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $105K | $140.4K | +33.7% |
2 Bedrooms | $227.5K | $257K | +13.0% |
3 Bedrooms | $590K | $495K | -16.1% |
4 Bedrooms | $855K | $901.5K | +5.4% |
5+ Bedrooms | $1.2M | $1.3M | +11.5% |
Summary: River Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 33.7%, 2 bedroom homes increased by 13%, 3 bedroom homes decreased by 16.1%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 11.5%.
Median Sold Price Compared To Nearby Cities
River Forest | $488.5K | $550K | +12.6% |
River Forest Township | $488.5K | $550K | +12.6% |
Oak Park Township | $380.8K | $412.1K | +8.2% |
Oak Park | $380.8K | $412.1K | +8.2% |
Maywood | $235K | $245K | +4.3% |
Housing Supply in River Forest, IL
How many homes are available in River Forest, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
51 | 49 | -3.9% |
Summary: The River Forest real estate market had 49 homes for sale in May 2024, a 3.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 12 | 13 | +8.3% |
3 Bedrooms | 13 | 13 | 0.0% |
4 Bedrooms | 12 | 12 | 0.0% |
5+ Bedrooms | 12 | 9 | -25.0% |
Summary: The River 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 increased by 8.3%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
16 | 16 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in River Forest in May 2024, the same as the previous month. Of the 16 sold homes, 44% were sold under asking, 19% were sold at asking, and 38% were sold over asking.
Days on Market for River Forest, IL
How long does it take to sell a home in River Forest, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 17 Days | -20.7% |
Summary: Homes in River Forest had an average of 17 days on market in May 2024, down by 20.7% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 16 homes were sold in River Forest; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.