Is Morgan Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Morgan Park has remained a Seller's Market.
Housing Prices in Morgan Park, IL
How much do homes in Morgan Park, IL cost?
Median Sold Price
$234,500
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Morgan Park was $234,500 in April 2024, up 5.7% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $96.5K | $98.9K | +2.6% |
2 Bedrooms | $175K | $161K | -8.0% |
3 Bedrooms | $220.2K | $235K | +6.7% |
4 Bedrooms | $260K | $315K | +21.2% |
5+ Bedrooms | $355K | $331.8K | -6.5% |
Summary: Morgan Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes decreased by 8%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes decreased by 6.5%.
Median Sold Price Compared To Nearby Neighborhoods
Mount Greenwood | $254.9K | $280K | +9.8% |
Morgan Park | $221.8K | $234.5K | +5.7% |
Washington Heights | $194.5K | $203.5K | +4.6% |
West Pullman | $155.7K | $151.5K | -2.7% |
Beverly | $390K | $355.5K | -8.8% |
Housing Supply in Morgan Park, IL
How many homes are available in Morgan Park, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
52 | 63 | +21.2% |
Summary: The Morgan Park real estate market had 63 homes for sale in April 2024, a 21.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 4 | 4 | 0.0% |
3 Bedrooms | 34 | 39 | +14.7% |
4 Bedrooms | 4 | 13 | +225.0% |
5+ Bedrooms | 8 | 5 | -37.5% |
Summary: The Morgan Park 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 remained the same, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 225%, and 5+ bedroom homes decreased by 37.5%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
14 | 12 | -14.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in Morgan Park in April 2024, down by 14.3% month-over-month. Of the 12 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Morgan Park, IL
How long does it take to sell a home in Morgan Park, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
49 Days | 22 Days | -54.1% |
Summary: Homes in Morgan Park had an average of 22 days on market in Apr 2024, down by 54.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 12 homes were sold in Morgan Park; 58% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.