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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Franklin Park is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Franklin Park, IL

How much do homes in Franklin Park, IL cost?

Median Sold Price

$300,000

$227/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$21,000(+7.5%)

Key Takeaway

Homes in Franklin Park have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Franklin Park was $300,000 in February 2024, up 7.5% from last year, and the median price per square foot was $227.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $145K$142.4K
-1.8%
2 $247.9K$250K
+0.8%
3 $285K$305K
+7.0%
4 $332K$355K
+6.9%
5+ $365K$320K
-12.3%

Summary: Franklin Park housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes decreased by 12.3%.

Median Sold Price Compared To Nearby Cities

Franklin Park
+7.5%
Leyden Township
+7.3%
Schiller Park
+3.4%
Melrose Park
-1.8%

Housing Supply in Franklin Park, IL

How many homes are available in Franklin Park, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2729+7.4%

Summary: The Franklin Park real estate market had 29 homes for sale in February 2024, a 7.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 48
+100.0%
3 1514
-6.7%
4 55
0.0%
5+ 32
-33.3%

Summary: The Franklin Park housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
65-16.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Franklin Park, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Franklin Park in February 2024, down by 16.7% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Franklin Park, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
47 Days39 Days-15.3%

Summary: Homes in Franklin Park had an average of 39 days on market in Feb 2024, down by 15.3% compared to last year.

Breakdown of Home Sale Times

3 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 Franklin Park are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 5 homes were sold in Franklin Park; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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 27 Days Ago

Newest Listings in Franklin Park, IL

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