Is Palos Heights, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Heights is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Palos Heights has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Palos Heights, IL

How much do homes in Palos Heights, IL cost?

Median Sold Price

$369,950

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$35,050(+10.5%)

Key Takeaway

Homes in Palos Heights have sold for 10.5% more than they did a year ago.

Summary: The median home sold price in Palos Heights was $369,950 in May 2024, up 10.5% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $109.2K-
N/A
2 $252.6K$280K
+10.8%
3 $335K$359K
+7.2%
4 $415K$465.9K
+12.3%
5+ $475K$495K
+4.2%

Summary: Palos Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 4.2%.

Median Sold Price Compared To Nearby Cities

Worth
+26.3%
Palos Hills
+23.8%
Palos Township
+23.1%
Palos Heights
+10.5%
Palos Park
-6.5%

Housing Supply in Palos Heights, IL

How many homes are available in Palos Heights, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5155+7.8%

Summary: The Palos Heights real estate market had 55 homes for sale in May 2024, a 7.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1911
-42.1%
3 1926
+36.8%
4 1116
+45.5%
5+ 22
0.0%

Summary: The Palos Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 42.1%, 3 bedroom homes increased by 36.8%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1812-33.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Heights, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Palos Heights in May 2024, down by 33.3% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.

Days on Market for Palos Heights, IL

How long does it take to sell a home in Palos Heights, IL?

Average Sale Time

May 2023May 2024CHANGE
18 Days17 Days-4.6%

Summary: Homes in Palos Heights had an average of 17 days on market in May 2024, down by 4.6% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palos Heights are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 12 homes were sold in Palos Heights; 83% of homes were sold within 30 days, 17% 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 19 Days Ago

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