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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park West is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Norwood Park West, IL

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

Median Sold Price

$395,000

$254/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$20,000(+5.3%)

Key Takeaway

Homes in Norwood Park West have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in Norwood Park West was $395,000 in April 2024, up 5.3% from last year, and the median price per square foot was $254.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $128K$126K
-1.6%
2 $330K$329K
-0.3%
3 $380K$422K
+11.1%
4 $520K$625K
+20.2%
5+ $722K-
N/A

Summary: Norwood Park West housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Norwood Park
+8.6%
Norwood Park West
+5.3%
Edison Park
+4.7%
Old Norwood
-9.6%

Housing Supply in Norwood Park West, IL

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

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
1722+29.4%

Summary: The Norwood Park West real estate market had 22 homes for sale in April 2024, a 29.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 33
0.0%
2 33
0.0%
3 69
+50.0%
4 56
+20.0%
5+ 01
+100.0%

Summary: The Norwood Park West 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 50%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
28+300.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park West, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Norwood Park West in April 2024, up by 300.0% month-over-month. Of the 8 sold homes, 63% were sold under asking, 13% were sold at asking, and 25% were sold over asking.

Days on Market for Norwood Park West, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
13 Days24 Days+86.4%

Summary: Homes in Norwood Park West had an average of 24 days on market in Apr 2024, up by 86.4% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 8 homes were sold in Norwood Park West; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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

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