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 October 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 October 2023

+$26,000(+9.0%)

Key Takeaway

Homes in Franklin Park have sold for 9% more than they did a year ago.

Summary: The median home sold price in Franklin Park was $315,000 in October 2024, up 9% from last year, and the median price per square foot was $247.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $142.4K$180K
+26.4%
2 $252.5K$280K
+10.9%
3 $298.5K$320K
+7.2%
4 $360K$350.4K
-2.6%
5+ $310K$380K
+22.6%

Summary: Franklin Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.4%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes increased by 22.6%.

Median Sold Price Compared To Nearby Cities

Franklin Park
+9.0%
Melrose Park
+7.7%
Leyden Township
+7.2%
Schiller Park
+6.7%
Northlake
+5.5%

Housing Supply in Franklin Park, IL

How many homes are available in Franklin Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5251-1.9%

Summary: The Franklin Park real estate market had 51 homes for sale in October 2024, a 1.9% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1210
-16.7%
3 2927
-6.9%
4 89
+12.5%
5+ 35
+66.7%

Summary: The Franklin Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 6.9%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1516+6.7%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

7 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. 43.8% of homes here sold above asking price last month.

Summary: A total of 16 homes were sold or pending in Franklin Park in October 2024, up by 6.7% month-over-month. Of the 16 sold homes, 38% were sold under asking, 19% were sold at asking, and 44% 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

Oct 2023Oct 2024CHANGE
23 Days14 Days-35.6%

Summary: Homes in Franklin Park had an average of 14 days on market in Oct 2024, down by 35.6% compared to last year.

Breakdown of Home Sale Times

14 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 October 2024, 16 homes were sold in Franklin Park; 88% of homes were sold within 30 days, 13% 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 1 Day Ago

Newest Listings in Franklin Park, IL

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