Is Palos Heights, 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, Palos Heights has remained a Seller's Market.
Housing Prices in Palos Heights, IL
How much do homes in Palos Heights, IL cost?
Median Sold Price
$369,950
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palos Heights was $369,950 in May 2024, up 10.5% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.2K | - | N/A |
2 Bedrooms | $252.6K | $280K | +10.8% |
3 Bedrooms | $335K | $359K | +7.2% |
4 Bedrooms | $415K | $465.9K | +12.3% |
5+ Bedrooms | $475K | $495K | +4.2% |
Summary: Palos Heights 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 10.8%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Cities
Worth | $200K | $252.5K | +26.3% |
Palos Hills | $210K | $260K | +23.8% |
Palos Township | $260K | $320.1K | +23.1% |
Palos Heights | $334.9K | $369.9K | +10.5% |
Palos Park | $460K | $430K | -6.5% |
Housing Supply in Palos Heights, IL
How many homes are available in Palos Heights, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
51 | 55 | +7.8% |
Summary: The Palos Heights real estate market had 55 homes for sale in May 2024, a 7.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 19 | 11 | -42.1% |
3 Bedrooms | 19 | 26 | +36.8% |
4 Bedrooms | 11 | 16 | +45.5% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Palos Heights 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 42.1%, 3 bedroom homes increased by 36.8%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 12 | -33.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in Palos Heights in May 2024, down by 33.3% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Palos Heights, IL
How long does it take to sell a home in Palos Heights, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
18 Days | 17 Days | -4.6% |
Summary: Homes in Palos Heights had an average of 17 days on market in May 2024, down by 4.6% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 12 homes were sold in Palos Heights; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.