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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Park is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Oak Park, IL

How much do homes in Oak Park, IL cost?

Median Sold Price

$423,000

$234/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$44,000(+11.6%)

Key Takeaway

Homes in Oak Park have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in Oak Park was $423,000 in June 2024, up 11.6% from last year, and the median price per square foot was $234.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $135K$143K
+5.9%
2 $225K$235K
+4.4%
3 $439.1K$486.6K
+10.8%
4 $575K$625K
+8.7%
5+ $675K$750K
+11.1%

Summary: Oak Park housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 11.1%.

Median Sold Price Compared To Nearby Cities

Oak Park
+11.6%
Oak Park Township
+11.6%
Berwyn
+9.5%
Berwyn Township
+9.5%
Chicago
+3.9%

Housing Supply in Oak Park, IL

How many homes are available in Oak Park, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
256246-3.9%

Summary: The Oak Park real estate market had 246 homes for sale in June 2024, a 3.9% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 2926
-10.3%
2 6055
-8.3%
3 7075
+7.1%
4 5751
-10.5%
5+ 4039
-2.5%

Summary: The Oak Park housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10.3%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes decreased by 2.5%.

Number of Homes Sold

May 2024Jun 2024CHANGE
7879+1.3%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

43 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Park, you could pay more than the asking price. 54.4% of homes here sold above asking price last month.

Summary: A total of 79 homes were sold or pending in Oak Park in June 2024, up by 1.3% month-over-month. Of the 79 sold homes, 33% were sold under asking, 13% were sold at asking, and 54% were sold over asking.

Days on Market for Oak Park, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
26 Days12 Days-52.7%

Summary: Homes in Oak Park had an average of 12 days on market in Jun 2024, down by 52.7% compared to last year.

Breakdown of Home Sale Times

69 Homes Were Sold
Under 30 Days

10 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 Park are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 79 homes were sold in Oak Park; 87% of homes were sold within 30 days, 13% 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 26 Days Ago

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