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 August 2021

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.

How much do homes in Oak Park, IL cost?

Median Sold Price

$406,500

$227/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$12,724(+3.2%)

Key Takeaway

Homes in Oak Park have sold for 3.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $125K$136K
+8.8%
2 $201K$222K
+10.4%
3 $422.4K$447.5K
+5.9%
4 $576.2K$580K
+0.7%
5+ $644.9K$673.7K
+4.5%

Median Sold Price Compared To Nearby Cities

Oak Park
+3.2%
Oak Park Township
+3.0%
Forest Park
+2.9%
River Forest
-9.7%
River Forest Township
-9.7%

How many homes are available in Oak Park, IL?

Number of Homes For Sale

Jul 2022Aug 2022%
369381+3.3%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 5556
+1.8%
2 7590
+20.0%
3 122121
-0.8%
4 7979
0.0%
5+ 3835
-7.9%

Number of Homes Sold

Jul 2022Aug 2022%
8778-10.3%

Asking Price vs. Sold Price

46 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Park, you may be able to get a good deal. 59% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
25 Days20 Days-22.0%

Breakdown of Home Sale Times

62 Homes Were Sold
Under 30 Days

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

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Oak Park, IL

Oak Park, IL has 381 homes on the market. The number of homes for sale in Oak Park, IL increased by 3.3% between July 2022 and August 2022. While the average time on the market in August 2022 was 20 days, the median list price was $406,500. From July 2022 through August 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went up by 8.8%, 2 bedrooms properties became 10.4% more expensive, prices of 3 bedrooms properties increased by 5.9%, prices of 4 bedrooms properties went up by 0.7%, 5 bedrooms properties prices increased by 4.5%. This housing market inventory have changed: volume of 1 bedroom homes went up by 1.8%, the quantity of 2 bedrooms homes went up by 20%, 3 bedrooms homes became 0.8% less available, 4 bedrooms homes did not move, number of 5 bedrooms homes decreased by 7.9%. While more than 16 listings in Oak Park, IL in August 2022 were sold above asking price, there were more than 16 listings sold at asking price, and more than 46 were sold below.

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