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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Park is a seller's market

Buyer's
Market

Difference Since September 2021

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

Key Takeaway

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

How much do homes in Palos Park, IL cost?

Median Sold Price

$583,750

$173/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2021

+$152,500(+35.4%)

Key Takeaway

Homes in Palos Park have sold for 35.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSSep 2021Sep 2022%
1 --
N/A
2 $193.5K$226.2K
+16.9%
3 $312.5K$390K
+24.8%
4 $558K$639.5K
+14.6%
5+ $700K$900K
+28.6%

Median Sold Price Compared To Nearby Cities

Palos Park
+35.4%
Palos Heights
+13.1%
Palos Township
+8.3%
Orland Park
+6.6%
Palos Hills
0.4%

How many homes are available in Palos Park, IL?

Number of Homes For Sale

Aug 2022Sep 2022%
36360.0%

Homes For Sale By Bedroom Count

# BEDSAug 2022Sep 2022%
1 00
0.0%
2 32
-33.3%
3 1214
+16.7%
4 1110
-9.1%
5+ 1010
0.0%

Number of Homes Sold

Aug 2022Sep 2022%
89+12.5%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Park, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Average Sale Time

Sep 2021Sep 2022%
54 Days16 Days-69.7%

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palos Park 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 Palos Park, IL

There are 36 homes are for sale in Palos Park, IL real estate market. Listings spent 16 days on the market in September 2022, and had a median list price of $583,750 during the same period. This housing market listing prices have changed between August 2022 and September 2022: 1 bedroom properties became 0% more expensive, prices of 2 bedrooms properties went up by 16.9%, the cost of 3 bedrooms properties went up by 24.8%, prices of 4 bedrooms properties increased by 14.6%, prices of 5 bedrooms properties went up by 28.6%. Volume of homes for sale in this real estate market have seen the following changes: number of 1 bedroom homes remained the same, 2 bedrooms homes inventory decreased by 33.3%, 3 bedrooms homes became 16.7% more available, number of 4 bedrooms homes decreased by 9.1%, 5 bedrooms homes did not move. In September 2022, from all listings sold in Palos Park, IL there were more than 1 sold above asking price, over 6 sold below and more than 2 were sold right at the asked price.

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