Is Oak Forest, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Forest is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Oak Forest has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Oak Forest, IL

How much do homes in Oak Forest, IL cost?

Median Sold Price

$268,363

$176/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$8,490(+3.3%)

Key Takeaway

Homes in Oak Forest have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in Oak Forest was $268,363 in May 2024, up 3.3% from last year, and the median price per square foot was $176.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $88K$100K
+13.6%
2 $186K$185K
-0.5%
3 $269K$282.5K
+5.0%
4 $317.9K$324.9K
+2.2%
5+ $350K$335K
-4.3%

Summary: Oak Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 4.3%.

Median Sold Price Compared To Nearby Cities

Markham
+16.4%
Bremen Township
+4.8%
Midlothian
+3.8%
Oak Forest
+3.3%
Country Club Hills
+0.8%

Housing Supply in Oak Forest, IL

How many homes are available in Oak Forest, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7787+13.0%

Summary: The Oak Forest real estate market had 87 homes for sale in May 2024, a 13.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 44
0.0%
2 1413
-7.1%
3 4048
+20.0%
4 1519
+26.7%
5+ 43
-25.0%

Summary: The Oak Forest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
27270.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Forest, you could pay more than the asking price. 63% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in Oak Forest in May 2024, the same as the previous month. Of the 27 sold homes, 26% were sold under asking, 11% were sold at asking, and 63% were sold over asking.

Days on Market for Oak Forest, IL

How long does it take to sell a home in Oak Forest, IL?

Average Sale Time

May 2023May 2024CHANGE
15 Days17 Days+11.1%

Summary: Homes in Oak Forest had an average of 17 days on market in May 2024, up by 11.1% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 27 homes were sold in Oak Forest; 81% of homes were sold within 30 days, 19% 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 17 Days Ago

Newest Listings in Oak Forest, IL

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