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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garfield Park is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Garfield Park was a Seller's Market.

Key Takeaway

Garfield Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Garfield Park, IL

How much do homes in Garfield Park, IL cost?

Median Sold Price

$273,500

$137/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$33,500(+14.0%)

Key Takeaway

Homes in Garfield Park have sold for 14% more than they did a year ago.

Summary: The median home sold price in Garfield Park was $273,500 in April 2024, up 14% from last year, and the median price per square foot was $137.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $25K-
N/A
2 $133.9K$173.5K
+29.5%
3 $217K$215K
-0.9%
4 $255K$249K
-2.4%
5+ $262.5K$348.5K
+32.8%

Summary: Garfield Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 29.5%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 32.8%.

Housing Supply in Garfield Park, IL

How many homes are available in Garfield Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
110132+20.0%

Summary: The Garfield Park real estate market had 132 homes for sale in April 2024, a 20.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 01
+100.0%
2 68
+33.3%
3 2830
+7.1%
4 1318
+38.5%
5+ 6375
+19.0%

Summary: The Garfield Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 19%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1519+26.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garfield Park, you may be able to get a good deal. 52.6% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Garfield Park in April 2024, up by 26.7% month-over-month. Of the 19 sold homes, 53% were sold under asking, 16% were sold at asking, and 32% were sold over asking.

Days on Market for Garfield Park, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
41 Days45 Days+10.9%

Summary: Homes in Garfield Park had an average of 45 days on market in Apr 2024, up by 10.9% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Garfield Park are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 19 homes were sold in Garfield Park; 68% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 16% 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 4 Days Ago

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