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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park East is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Norwood Park East has remained a Seller's Market.

Key Takeaway

Norwood Park East is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Norwood Park East, IL

How much do homes in Norwood Park East, IL cost?

Median Sold Price

$425,000

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$55,000(+14.9%)

Key Takeaway

Homes in Norwood Park East have sold for 14.9% more than they did a year ago.

Summary: The median home sold price in Norwood Park East was $425,000 in April 2024, up 14.9% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $120K$148K
+23.3%
2 $225K$202K
-10.2%
3 $399K$407.5K
+2.1%
4 $521.4K$540K
+3.6%
5+ $565K$597.5K
+5.8%

Summary: Norwood Park East housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.3%, 2 bedroom homes decreased by 10.2%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 5.8%.

Median Sold Price Compared To Nearby Neighborhoods

Norwood Park East
+14.9%
Norwood Park
+8.6%
Far North Side
+6.2%
Jefferson Park
+1.5%

Housing Supply in Norwood Park East, IL

How many homes are available in Norwood Park East, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3643+19.4%

Summary: The Norwood Park East real estate market had 43 homes for sale in April 2024, a 19.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 03
+100.0%
2 99
0.0%
3 1315
+15.4%
4 1011
+10.0%
5+ 45
+25.0%

Summary: The Norwood Park East 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 remained the same, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1110-9.1%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park East, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 10 homes were sold or pending in Norwood Park East in April 2024, down by 9.1% month-over-month. Of the 10 sold homes, 40% were sold under asking, 10% were sold at asking, and 50% were sold over asking.

Days on Market for Norwood Park East, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
109 Days18 Days-82.9%

Summary: Homes in Norwood Park East had an average of 18 days on market in Apr 2024, down by 82.9% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 10 homes were sold in Norwood Park East; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% 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 5 Days Ago

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