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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Park Township is a seller's market

Buyer's
Market

Difference Since July 2021

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

Key Takeaway

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

How much do homes in Oak Park Township, IL cost?

Median Sold Price

$400,326

$224/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$4,254(+1.1%)

Key Takeaway

Homes in Oak Park Township have sold for 1.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $124.3K$136.2K
+9.6%
2 $199K$224K
+12.6%
3 $420K$444.6K
+5.9%
4 $575K$575K
0.0%
5+ $649.1K$667.5K
+2.8%

Median Sold Price Compared To Nearby Cities

Forest Park
+4.6%
Oak Park
+1.2%
Oak Park Township
+1.1%
River Forest
-10.3%
River Forest Township
-10.3%

How many homes are available in Oak Park Township, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
431401-7.0%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 5458
+7.4%
2 9188
-3.3%
3 142131
-7.7%
4 9486
-8.5%
5+ 5038
-24.0%

Number of Homes Sold

Jun 2022Jul 2022%
12683-34.1%

Asking Price vs. Sold Price

38 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Park Township, you may be able to get a good deal. 45.8% of homes here sold below asking price last month.

Average Sale Time

Jul 2021Jul 2022%
35 Days24 Days-29.2%

Breakdown of Home Sale Times

60 Homes Were Sold
Under 30 Days

20 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Oak Park Township 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 Township, IL

Oak Park Township, IL has 401 homes on the market. The number of listings in Oak Park Township, IL decreased by 7% between June 2022 and July 2022. While the average time on the market in July 2022 was 24 days, the median list price was $400,326. This housing market listing prices have changed between June 2022 and July 2022: 1 bedroom properties became 9.6% more expensive, 2 bedrooms properties prices increased by 12.6%, prices of 3 bedrooms properties increased by 5.9%, prices of 4 bedrooms properties stayed the same, the cost of 5 bedrooms properties went up by 2.8%. Housing inventory have changed in this real estate market: 1 bedroom homes inventory increased by 7.4%, the quantity of 2 bedrooms homes went down by 3.3%, 3 bedrooms homes inventory decreased by 7.7%, volume of 4 bedrooms homes went down by 8.5%, 5 bedrooms homes inventory decreased by 24%. In July 2022 more than 29 listings in Oak Park Township, IL were sold above the asking price. During the same period more than 16 listings were sold at asking price, while more than 38 were sold below.

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