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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Norwood Park Township, IL

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

Median Sold Price

$390,000

$253/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,333(+8.1%)

Key Takeaway

Homes in Norwood Park Township have sold for 8.1% more than they did a year ago.

Summary: The median home sold price in Norwood Park Township was $390,000 in May 2024, up 8.1% from last year, and the median price per square foot was $253.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $176.5K$183.7K
+4.1%
2 $300K$290K
-3.3%
3 $365K$395K
+8.2%
4 $530K$575K
+8.5%
5+ $547.5K$807.5K
+47.5%

Summary: Norwood Park Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.1%, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 47.5%.

Median Sold Price Compared To Nearby Cities

Maine Township
+9.6%
Norwood Park Township
+8.1%
Park Ridge
+7.1%
Norridge
+5.6%
Harwood Heights
0.3%

Housing Supply in Norwood Park Township, IL

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

Number of Homes For Sale

Apr 2024May 2024CHANGE
8489+6.0%

Summary: The Norwood Park Township real estate market had 89 homes for sale in May 2024, a 6.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 23
+50.0%
2 1817
-5.6%
3 4142
+2.4%
4 1822
+22.2%
5+ 55
0.0%

Summary: The Norwood Park Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
2427+12.5%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park Township, you may be able to get a good deal. 63% of homes here sold below asking price last month.

Summary: A total of 27 homes were sold or pending in Norwood Park Township in May 2024, up by 12.5% month-over-month. Of the 27 sold homes, 63% were sold under asking, 7% were sold at asking, and 30% were sold over asking.

Days on Market for Norwood Park Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
48 Days25 Days-47.9%

Summary: Homes in Norwood Park Township had an average of 25 days on market in May 2024, down by 47.9% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 27 homes were sold in Norwood Park Township; 67% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 4% 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 22 Days Ago

Newest Listings in Norwood Park Township, IL

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