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 July 2021

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.

How much do homes in Oak Forest, IL cost?

Median Sold Price

$255,000

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$23,750(+10.3%)

Key Takeaway

Homes in Oak Forest have sold for 10.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $75.5K$84.9K
+12.5%
2 $136.4K$174.5K
+27.9%
3 $240K$263K
+9.6%
4 $268K$310K
+15.7%
5+ $314.9K$399K
+26.7%

Median Sold Price Compared To Nearby Cities

Markham
+25.1%
Country Club Hills
+21.8%
Midlothian
+15.0%
Bremen Township
+13.8%
Oak Forest
+10.3%

How many homes are available in Oak Forest, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
150165+10.0%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 23
+50.0%
2 3031
+3.3%
3 7791
+18.2%
4 3331
-6.1%
5+ 89
+12.5%

Number of Homes Sold

Jun 2022Jul 2022%
4440-9.1%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

24 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. 60% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
9 Days11 Days+19.7%

Breakdown of Home Sale Times

36 Homes Were Sold
Under 30 Days

4 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.

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

About Oak Forest, IL

There are 165 homes are for sale in Oak Forest, IL real estate market. In July 2022 in Oak Forest, IL there were 10% more homes for sale than in June 2022. While the average time on the market in July 2022 was 11 days, the median list price was $255,000. From June 2022 through July 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went up by 12.5%, 2 bedrooms properties became 27.9% more expensive, 3 bedrooms properties prices increased by 9.6%, 4 bedrooms properties became 15.7% more expensive, prices of 5 bedrooms properties went up by 26.7%. This housing market inventory have changed: volume of 1 bedroom homes went up by 50%, number of 2 bedrooms homes increased by 3.3%, number of 3 bedrooms homes increased by 18.2%, 4 bedrooms homes inventory decreased by 6.1%, volume of 5 bedrooms homes went up by 12.5%. Oak Forest, IL housing market in July 2022 saw over 24 listings sold above listed price, more than 8 sold at listed price and over 8 sold below.

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