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 May 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

$412,166

$234/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$31,273(+8.2%)

Key Takeaway

Homes in Oak Park have sold for 8.2% more than they did a year ago.

Summary: The median home sold price in Oak Park was $412,166 in May 2024, up 8.2% from last year, and the median price per square foot was $234.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $135K$143.9K
+6.6%
2 $225K$230K
+2.2%
3 $430K$494K
+14.9%
4 $575K$600.6K
+4.5%
5+ $675K$720K
+6.7%

Summary: Oak Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.6%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 6.7%.

Median Sold Price Compared To Nearby Cities

Berwyn Township
+10.6%
Berwyn
+10.5%
Oak Park
+8.2%
Oak Park Township
+8.2%
Chicago
+3.1%

Housing Supply in Oak Park, IL

How many homes are available in Oak Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
225260+15.6%

Summary: The Oak Park real estate market had 260 homes for sale in May 2024, a 15.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2329
+26.1%
2 4961
+24.5%
3 7376
+4.1%
4 4956
+14.3%
5+ 3138
+22.6%

Summary: The Oak Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 26.1%, 2 bedroom homes increased by 24.5%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 22.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6075+25.0%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

38 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. 50.7% of homes here sold above asking price last month.

Summary: A total of 75 homes were sold or pending in Oak Park in May 2024, up by 25.0% month-over-month. Of the 75 sold homes, 31% were sold under asking, 19% were sold at asking, and 51% 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

May 2023May 2024CHANGE
18 Days27 Days+49.6%

Summary: Homes in Oak Park had an average of 27 days on market in May 2024, up by 49.6% compared to last year.

Breakdown of Home Sale Times

57 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

6 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 May 2024, 75 homes were sold in Oak Park; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% 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 16 Days Ago

Newest Listings in Oak Park, IL

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