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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River Forest is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, River Forest has remained a Seller's Market.

Key Takeaway

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

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

+$61,500(+12.6%)

Key Takeaway

Homes in River Forest have sold for 12.6% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $105K$140.4K
+33.7%
2 $227.5K$257K
+13.0%
3 $590K$495K
-16.1%
4 $855K$901.5K
+5.4%
5+ $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
+12.6%
River Forest Township
+12.6%
Oak Park Township
+8.2%
Oak Park
+8.2%
Maywood
+4.3%

Housing Supply in River Forest, IL

How many homes are available in River Forest, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5149-3.9%

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

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 1213
+8.3%
3 1313
0.0%
4 1212
0.0%
5+ 129
-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 2024May 2024CHANGE
16160.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in River Forest, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.

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 2023May 2024CHANGE
22 Days17 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in River Forest, IL

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