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 September 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

$315,000

$247/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$29,000(+10.1%)

Key Takeaway

Homes in Franklin Park have sold for 10.1% more than they did a year ago.

Summary: The median home sold price in Franklin Park was $315,000 in September 2024, up 10.1% from last year, and the median price per square foot was $247.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $145K$180K
+24.1%
2 $257.4K$280K
+8.8%
3 $292.5K$320K
+9.4%
4 $347.5K$356.4K
+2.6%
5+ $310K$377.5K
+21.8%

Summary: Franklin Park housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.1%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 21.8%.

Median Sold Price Compared To Nearby Cities

Franklin Park
+10.1%
Northlake
+9.5%
Leyden Township
+8.0%
Melrose Park
+7.6%
Schiller Park
+2.9%

Housing Supply in Franklin Park, IL

How many homes are available in Franklin Park, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
5054+8.0%

Summary: The Franklin Park real estate market had 54 homes for sale in September 2024, a 8.0% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 1513
-13.3%
3 2629
+11.5%
4 69
+50.0%
5+ 33
0.0%

Summary: The Franklin Park housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 13.3%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1513-13.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Franklin Park, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Franklin Park in September 2024, down by 13.3% month-over-month. Of the 13 sold homes, 15% were sold under asking, 15% were sold at asking, and 69% 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

Sep 2023Sep 2024CHANGE
22 Days16 Days-25.0%

Summary: Homes in Franklin Park had an average of 16 days on market in Sep 2024, down by 25% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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 September 2024, 13 homes were sold in Franklin Park; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% 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 30 Days Ago

Newest Listings in Franklin Park, IL

Nearby Markets to Franklin Park, IL

What housing markets are near Franklin Park, IL?