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 neutral's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Oak Lawn was a Seller's Market.

Key Takeaway

Oak Lawn is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Oak Lawn, IL

How much do homes in Oak Lawn, IL cost?

Median Sold Price

$511,000

$293/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$64,000(-11.1%)

Key Takeaway

Homes in Oak Lawn have sold for 11.1% less than they did a year ago.

Summary: The median home sold price in Oak Lawn was $511,000 in March 2024, down 11.1% from last year, and the median price per square foot was $293.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 -$310K
N/A
2 $355K$325K
-8.5%
3 $402.5K$541K
+34.4%
4 $763K$445K
-41.7%
5+ $600K$1.1M
+95.8%

Summary: Oak Lawn housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 8.5%, 3 bedroom homes increased by 34.4%, 4 bedroom homes decreased by 41.7%, and 5+ bedroom homes increased by 95.8%.

Median Sold Price Compared To Nearby Neighborhoods

North Elmhurst
+11.3%
Oak Lawn
-11.1%

Housing Supply in Oak Lawn, IL

How many homes are available in Oak Lawn, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
46+50.0%

Summary: The Oak Lawn real estate market had 6 homes for sale in March 2024, a 50.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 01
+100.0%
3 12
+100.0%
4 22
0.0%
5+ 11
0.0%

Summary: The Oak Lawn housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
01+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was 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. 100% of homes here sold above asking price last month.

Summary: A total of 1 homes were sold or pending in Oak Lawn in March 2024, up by 100.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% 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

Mar 2023Mar 2024CHANGE
6 Days4 Days-33.3%

Summary: Homes in Oak Lawn had an average of 4 days on market in Mar 2024, down by 33.3% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

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

Summary: During March 2024, 1 homes were sold in Oak Lawn; 100% of homes were sold within 30 days, 0% 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 30 Days Ago

Newest Listings in Oak Lawn, IL

Nearby Markets to Oak Lawn, IL