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

Housing Market Conditions



Gauge showing Oak Lawn is a seller's market


Difference Since May 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



Based on all homes sold in the last 12 months.

Difference Since May 2023


Key Takeaway

Homes in Oak Lawn have sold for 4.5% more than they did a year ago.

Summary: The median home sold price in Oak Lawn was $255,166 in May 2024, up 4.5% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $100K$112.7K
2 $150.3K$170K
3 $290K$305K
4 $330K$340K
5+ $420K$355K

Summary: Oak Lawn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.8%, 2 bedroom homes increased by 13.1%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 3%, and 5+ bedroom homes decreased by 15.5%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
Worth Township
Oak Lawn

Housing Supply in Oak Lawn, IL

How many homes are available in Oak Lawn, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE

Summary: The Oak Lawn real estate market had 226 homes for sale in May 2024, a 7.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1010
2 7269
3 6979
4 4650
5+ 1418

Summary: The Oak Lawn 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 4.2%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

27 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. 43.5% of homes here sold above asking price last month.

Summary: A total of 62 homes were sold or pending in Oak Lawn in May 2024, down by 8.8% month-over-month. Of the 62 sold homes, 37% were sold under asking, 19% were sold at asking, and 44% 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

May 2023May 2024CHANGE
29 Days18 Days-38.2%

Summary: Homes in Oak Lawn had an average of 18 days on market in May 2024, down by 38.2% compared to last year.

Breakdown of Home Sale Times

53 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

3 Homes Were 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 May 2024, 62 homes were sold in Oak Lawn; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% 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 12 Days Ago

Newest Listings in Oak Lawn, IL

Nearby Markets to Oak Lawn, IL

What housing markets are near Oak Lawn, IL?