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 July 2021

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.

How much do homes in Franklin Park, IL cost?

Median Sold Price

$275,000

$225/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$15,600(+6.0%)

Key Takeaway

Homes in Franklin Park have sold for 6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $113.3K$153.9K
+35.8%
2 $221.5K$237.4K
+7.2%
3 $260K$285K
+9.6%
4 $315K$334K
+6.0%
5+ $355K$372.2K
+4.9%

Median Sold Price Compared To Nearby Cities

Melrose Park
+17.3%
Leyden Township
+6.6%
Franklin Park
+6.0%
Northlake
+5.1%
Schiller Park
+4.2%

How many homes are available in Franklin Park, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
5562+12.7%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 11
0.0%
2 1717
0.0%
3 3138
+22.6%
4 56
+20.0%
5+ 10
-100.0%

Number of Homes Sold

Jun 2022Jul 2022%
1513-13.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 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. 46.2% of homes here sold below asking price last month.

Average Sale Time

Jul 2021Jul 2022%
9 Days13 Days+50.7%

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

1 Home Was 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Franklin Park, IL

Franklin Park, IL has 62 homes on the market. In July 2022 in Franklin Park, IL there were 12.7% more homes for sale than in June 2022. While the average time on the market in July 2022 was 13 days, the median list price was $275,000. Between June 2022 and July 2022, listing prices of homes in this real estate market have seen the following changes: the cost of 1 bedroom properties went up by 35.8%, the cost of 2 bedrooms properties went up by 7.2%, prices of 3 bedrooms properties increased by 9.6%, 4 bedrooms properties became 6% more expensive, prices of 5 bedrooms properties went up by 4.9%. Housing inventory have changed in this real estate market: volume of 1 bedroom homes stayed the same, number of 2 bedrooms homes remained the same, number of 3 bedrooms homes increased by 22.6%, the quantity of 4 bedrooms homes went up by 20%, volume of 5 bedrooms homes went down by 100%. In July 2022, from all listings sold in Franklin Park, IL there were more than 5 sold above asking price, over 6 sold below and more than 2 were sold right at the asked price.

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