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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

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

+$14,511(+4.0%)

Key Takeaway

Homes in Norwood Park have sold for 4% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $120K$144.5K
+20.4%
2 $261K$236K
-9.6%
3 $394.5K$400K
+1.4%
4 $500K$530K
+6.0%
5+ $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
+4.0%
Norwood Park West
+3.9%
Oriole Park
+3.6%
Old Norwood
-14.6%

Housing Supply in Norwood Park, IL

How many homes are available in Norwood Park, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
127141+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

# BEDSFeb 2024Mar 2024CHANGE
1 48
+100.0%
2 3539
+11.4%
3 5258
+11.5%
4 2728
+3.7%
5+ 98
-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 2024Mar 2024CHANGE
2941+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park, you may be able to get a good deal. 51.2% of homes here sold below asking price last month.

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 2023Mar 2024CHANGE
34 Days31 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

Newest Listings in Norwood Park, IL

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