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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Lawn is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Oak Lawn, IL

How much do homes in Oak Lawn, IL cost?

Median Sold Price

$260,491

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$12,558(+5.1%)

Key Takeaway

Homes in Oak Lawn have sold for 5.1% more than they did a year ago.

Summary: The median home sold price in Oak Lawn was $260,491 in June 2024, up 5.1% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $100K$114.2K
+14.2%
2 $151.5K$172K
+13.5%
3 $290K$301.6K
+4.0%
4 $334.5K$347.5K
+3.9%
5+ $414.9K$370K
-10.8%

Summary: Oak Lawn housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.2%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 10.8%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
+10.9%
Hometown
+8.6%
Worth Township
+7.0%
Burbank
+5.8%
Oak Lawn
+5.1%

Housing Supply in Oak Lawn, IL

How many homes are available in Oak Lawn, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
208226+8.7%

Summary: The Oak Lawn real estate market had 226 homes for sale in June 2024, a 8.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 1213
+8.3%
2 5954
-8.5%
3 7488
+18.9%
4 4751
+8.5%
5+ 1620
+25.0%

Summary: The Oak Lawn housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes decreased by 8.5%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

May 2024Jun 2024CHANGE
6655-16.7%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Lawn, you could pay more than the asking price. 52.7% of homes here sold above asking price last month.

Summary: A total of 55 homes were sold or pending in Oak Lawn in June 2024, down by 16.7% month-over-month. Of the 55 sold homes, 33% were sold under asking, 15% were sold at asking, and 53% were sold over asking.

Days on Market for Oak Lawn, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
19 Days17 Days-10.2%

Summary: Homes in Oak Lawn had an average of 17 days on market in Jun 2024, down by 10.2% compared to last year.

Breakdown of Home Sale Times

45 Homes Were Sold
Under 30 Days

9 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 Lawn are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 55 homes were sold in Oak Lawn; 82% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 2% 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

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