Is Palos Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Palos Park was a Seller's Market.
Housing Prices in Palos Park, IL
How much do homes in Palos Park, IL cost?
Median Sold Price
$421,250
$190/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palos Park was $421,250 in March 2024, down 19.8% from last year, and the median price per square foot was $190.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $259K | $260K | 0.4% |
3 Bedrooms | $383K | $420K | +9.7% |
4 Bedrooms | $649K | $572.5K | -11.8% |
5+ Bedrooms | $789.5K | $910K | +15.3% |
Summary: Palos Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 9.7%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 15.3%.
Median Sold Price Compared To Nearby Cities
Palos Hills | $212.7K | $241.3K | +13.4% |
Palos Township | $265.9K | $300.3K | +12.9% |
Orland Park | $319.8K | $350K | +9.4% |
Palos Heights | $332K | $362.2K | +9.1% |
Palos Park | $525K | $421.2K | -19.8% |
Housing Supply in Palos Park, IL
How many homes are available in Palos Park, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
33 | 38 | +15.2% |
Summary: The Palos Park real estate market had 38 homes for sale in March 2024, a 15.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 8 | 3 | -62.5% |
3 Bedrooms | 7 | 15 | +114.3% |
4 Bedrooms | 10 | 11 | +10.0% |
5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The Palos Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 62.5%, 3 bedroom homes increased by 114.3%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
10 | 3 | -70.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 3 homes were sold or pending in Palos Park in March 2024, down by 70.0% month-over-month. Of the 3 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Palos Park, IL
How long does it take to sell a home in Palos Park, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
47 Days | 69 Days | +46.8% |
Summary: Homes in Palos Park had an average of 69 days on market in Mar 2024, up by 46.8% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 3 homes were sold in Palos Park; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.