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 June 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

$275,000

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$19,100(+7.5%)

Key Takeaway

Homes in Oak Forest have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Oak Forest was $275,000 in June 2024, up 7.5% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $87.5K$101.9K
+16.5%
2 $183K$187.5K
+2.5%
3 $269.9K$285.2K
+5.7%
4 $312.5K$330K
+5.6%
5+ $330.7K$349.9K
+5.8%

Summary: Oak Forest housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 5.8%.

Median Sold Price Compared To Nearby Cities

Markham
+20.1%
Oak Forest
+7.5%
Bremen Township
+6.7%
Country Club Hills
+5.1%
Midlothian
+2.7%

Housing Supply in Oak Forest, IL

How many homes are available in Oak Forest, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
7993+17.7%

Summary: The Oak Forest real estate market had 93 homes for sale in June 2024, a 17.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 46
+50.0%
2 1421
+50.0%
3 4042
+5.0%
4 1718
+5.9%
5+ 46
+50.0%

Summary: The Oak Forest housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

May 2024Jun 2024CHANGE
2825-10.7%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

14 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. 56% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Oak Forest in June 2024, down by 10.7% month-over-month. Of the 25 sold homes, 36% were sold under asking, 8% were sold at asking, and 56% 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

Jun 2023Jun 2024CHANGE
16 Days17 Days+7.3%

Summary: Homes in Oak Forest had an average of 17 days on market in Jun 2024, up by 7.3% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 June 2024, 25 homes were sold in Oak Forest; 96% of homes were sold within 30 days, 0% 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 26 Days Ago

Newest Listings in Oak Forest, IL

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