Is Franklin Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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
How much do homes in Franklin Park, IL cost?
Median Sold Price
$280,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Franklin Park have sold for 1.8% more than they did a year ago.
Summary: The median home sold price in Franklin Park was $280,000 in August 2023, up 1.8% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $153.9K | $145K | -5.8% |
| 2 Bedrooms | $240K | $250K | +4.2% |
| 3 Bedrooms | $285K | $291K | +2.1% |
| 4 Bedrooms | $334.5K | $342.5K | +2.4% |
| 5+ Bedrooms | $372.2K | $310K | -16.7% |
Summary: Franklin Park housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 5.8%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes decreased by 16.7%.
Median Sold Price Compared To Nearby Cities
| Schiller Park | $249K | $257.5K | +3.4% |
| Leyden Township | $280K | $286.1K | +2.2% |
| Franklin Park | $275K | $280K | +1.8% |
| Northlake | $252.2K | $255K | +1.1% |
| Melrose Park | $295K | $291.2K | -1.3% |
Housing Supply
How many homes are available in Franklin Park, IL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 34 | 40 | +17.6% |
Summary: The Franklin Park real estate market had 40 homes for sale in August 2023, a 17.6% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 8 | 13 | +62.5% |
| 3 Bedrooms | 18 | 19 | +5.6% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Franklin Park housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 62.5%, 3 bedroom homes increased by 5.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 9 | 12 | +33.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Park, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Franklin Park in August 2023, up by 33.3% month-over-month. Of the 12 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market
How long does it take to sell a home in Franklin Park, IL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 21 Days | 19 Days | -8.3% |
Summary: Homes in Franklin Park had an average of 19 days on market in Aug 2023, down by 8.3% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Franklin Park are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 12 homes were sold in Franklin Park; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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