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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Forest Park is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Forest Park, IL

How much do homes in Forest Park, IL cost?

Median Sold Price

$295,000

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+9.3%)

Key Takeaway

Homes in Forest Park have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Forest Park was $295,000 in May 2024, up 9.3% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $119.9K$126K
+5.1%
2 $225K$210K
-6.7%
3 $373.5K$357.5K
-4.3%
4 $455K$478K
+5.1%
5+ $464K$475K
+2.4%

Summary: Forest Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 2.4%.

Median Sold Price Compared To Nearby Cities

River Forest Township
+12.6%
River Forest
+12.6%
Forest Park
+9.3%
North Riverside
+8.5%
Maywood
+4.3%

Housing Supply in Forest Park, IL

How many homes are available in Forest Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7586+14.7%

Summary: The Forest Park real estate market had 86 homes for sale in May 2024, a 14.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1013
+30.0%
2 2020
0.0%
3 2325
+8.7%
4 1718
+5.9%
5+ 510
+100.0%

Summary: The Forest Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30%, 2 bedroom homes remained the same, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2120-4.8%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Forest Park, expect to pay close to the asking price. 35% of homes here sold near the asking price last month.

Summary: A total of 20 homes were sold or pending in Forest Park in May 2024, down by 4.8% month-over-month. Of the 20 sold homes, 30% were sold under asking, 35% were sold at asking, and 35% were sold over asking.

Days on Market for Forest Park, IL

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

Average Sale Time

May 2023May 2024CHANGE
25 Days22 Days-11.7%

Summary: Homes in Forest Park had an average of 22 days on market in May 2024, down by 11.7% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 20 homes were sold in Forest Park; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% 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 19 Days Ago

Newest Listings in Forest Park, IL

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