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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garfield Ridge is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Garfield Ridge has remained a Seller's Market.

Key Takeaway

Garfield Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Garfield Ridge, IL

How much do homes in Garfield Ridge, IL cost?

Median Sold Price

$315,000

$245/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$8,583(+2.8%)

Key Takeaway

Homes in Garfield Ridge have sold for 2.8% more than they did a year ago.

Summary: The median home sold price in Garfield Ridge was $315,000 in April 2024, up 2.8% from last year, and the median price per square foot was $245.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $94.5K$119K
+25.9%
2 $280K$270.2K
-3.5%
3 $300K$310K
+3.3%
4 $357K$350K
-2.0%
5+ $435K$450K
+3.4%

Summary: Garfield Ridge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.9%, 2 bedroom homes decreased by 3.5%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 3.4%.

Median Sold Price Compared To Nearby Neighborhoods

Archer Heights
+4.7%
Garfield Ridge
+2.8%
Clearing
+1.8%
West Elsdon
-0.7%

Housing Supply in Garfield Ridge, IL

How many homes are available in Garfield Ridge, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
7791+18.2%

Summary: The Garfield Ridge real estate market had 91 homes for sale in April 2024, a 18.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 22
0.0%
2 87
-12.5%
3 5057
+14.0%
4 916
+77.8%
5+ 89
+12.5%

Summary: The Garfield Ridge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 77.8%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
23230.0%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garfield Ridge, you could pay more than the asking price. 56.5% of homes here sold above asking price last month.

Summary: A total of 23 homes were sold or pending in Garfield Ridge in April 2024, the same as the previous month. Of the 23 sold homes, 39% were sold under asking, 4% were sold at asking, and 57% were sold over asking.

Days on Market for Garfield Ridge, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
59 Days26 Days-55.6%

Summary: Homes in Garfield Ridge had an average of 26 days on market in Apr 2024, down by 55.6% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 23 homes were sold in Garfield Ridge; 74% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 9% 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 3 Days Ago

Newest Listings in Garfield Ridge, IL

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