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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Hills is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Palos Hills, IL

How much do homes in Palos Hills, IL cost?

Median Sold Price

$260,000

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$43,258(+20.0%)

Key Takeaway

Homes in Palos Hills have sold for 20% more than they did a year ago.

Summary: The median home sold price in Palos Hills was $260,000 in June 2024, up 20% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $100K$129.5K
+29.5%
2 $186.2K$213K
+14.4%
3 $292K$330K
+13.0%
4 $441K$426K
-3.4%
5+ $489K$505K
+3.3%

Summary: Palos Hills housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.5%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 13%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes increased by 3.3%.

Median Sold Price Compared To Nearby Cities

Worth
+28.5%
Palos Township
+23.7%
Hickory Hills
+21.5%
Palos Hills
+20.0%
Chicago Ridge
+10.9%

Housing Supply in Palos Hills, IL

How many homes are available in Palos Hills, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
7077+10.0%

Summary: The Palos Hills real estate market had 77 homes for sale in June 2024, a 10.0% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 65
-16.7%
2 2029
+45.0%
3 2727
0.0%
4 1312
-7.7%
5+ 44
0.0%

Summary: The Palos Hills housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 45%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

May 2024Jun 2024CHANGE
2815-46.4%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Hills, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in Palos Hills in June 2024, down by 46.4% month-over-month. Of the 15 sold homes, 33% were sold under asking, 7% were sold at asking, and 60% were sold over asking.

Days on Market for Palos Hills, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
28 Days13 Days-51.7%

Summary: Homes in Palos Hills had an average of 13 days on market in Jun 2024, down by 51.7% compared to last year.

Breakdown of Home Sale Times

13 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 Hills are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 15 homes were sold in Palos Hills; 87% of homes were sold within 30 days, 13% 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 26 Days Ago

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