Is Norwood Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Norwood Park has remained a Seller's Market.
Housing Prices in Norwood Park, IL
How much do homes in Norwood Park, IL cost?
Median Sold Price
$374,500
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Norwood Park was $374,500 in March 2024, up 4% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $120K | $144.5K | +20.4% |
2 Bedrooms | $261K | $236K | -9.6% |
3 Bedrooms | $394.5K | $400K | +1.4% |
4 Bedrooms | $500K | $530K | +6.0% |
5+ Bedrooms | $589.9K | $600K | +1.7% |
Summary: Norwood Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.4%, 2 bedroom homes decreased by 9.6%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 1.7%.
Median Sold Price Compared To Nearby Neighborhoods
Norwood Park | $359.9K | $374.5K | +4.0% |
Norwood Park West | $380K | $395K | +3.9% |
Oriole Park | $349.9K | $362.5K | +3.6% |
Old Norwood | $527K | $450K | -14.6% |
Housing Supply in Norwood Park, IL
How many homes are available in Norwood Park, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
127 | 141 | +11.0% |
Summary: The Norwood Park real estate market had 141 homes for sale in March 2024, a 11.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 8 | +100.0% |
2 Bedrooms | 35 | 39 | +11.4% |
3 Bedrooms | 52 | 58 | +11.5% |
4 Bedrooms | 27 | 28 | +3.7% |
5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The Norwood Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
29 | 41 | +41.4% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 41 homes were sold or pending in Norwood Park in March 2024, up by 41.4% month-over-month. Of the 41 sold homes, 51% were sold under asking, 20% were sold at asking, and 29% were sold over asking.
Days on Market for Norwood Park, IL
How long does it take to sell a home in Norwood Park, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
34 Days | 31 Days | -8.7% |
Summary: Homes in Norwood Park had an average of 31 days on market in Mar 2024, down by 8.7% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 41 homes were sold in Norwood Park; 76% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.