Is Oak Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Oak Park has remained a Seller's Market.
Housing Prices in Oak Park, IL
How much do homes in Oak Park, IL cost?
Median Sold Price
$375,000
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Oak Park was $375,000 in February 2024, down 6.1% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $143K | +5.9% |
2 Bedrooms | $220K | $220K | 0.0% |
3 Bedrooms | $457K | $460K | +0.6% |
4 Bedrooms | $592K | $567.4K | -4.1% |
5+ Bedrooms | $675K | $657.5K | -2.6% |
Summary: Oak Park housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes did not change, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes decreased by 2.6%.
Median Sold Price Compared To Nearby Cities
Berwyn Township | $298.5K | $310.1K | +3.9% |
Berwyn | $298.8K | $310K | +3.8% |
Chicago | $346.9K | $343.3K | -1.0% |
Oak Park | $399.4K | $375K | -6.1% |
Oak Park Township | $399.4K | $375K | -6.1% |
Housing Supply in Oak Park, IL
How many homes are available in Oak Park, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
159 | 199 | +25.2% |
Summary: The Oak Park real estate market had 199 homes for sale in February 2024, a 25.2% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 29 | 31 | +6.9% |
2 Bedrooms | 39 | 42 | +7.7% |
3 Bedrooms | 43 | 65 | +51.2% |
4 Bedrooms | 28 | 34 | +21.4% |
5+ Bedrooms | 20 | 27 | +35.0% |
Summary: The Oak Park housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 51.2%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 35%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
35 | 39 | +11.4% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 39 homes were sold or pending in Oak Park in February 2024, up by 11.4% month-over-month. Of the 39 sold homes, 62% were sold under asking, 28% were sold at asking, and 10% 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
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
48 Days | 30 Days | -36.5% |
Summary: Homes in Oak Park had an average of 30 days on market in Feb 2024, down by 36.5% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During February 2024, 39 homes were sold in Oak Park; 69% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.