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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Park Forest is a buyer's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Park Forest was a Seller's Market.

Key Takeaway

Park Forest is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Park Forest, IL

How much do homes in Park Forest, IL cost?

Median Sold Price

$140,000

$107/sqft

Based on all homes sold in the last 12 months.

The Median Sold Price hasn't changed since March 2023.

Key Takeaway

The sold price of homes in Park Forest has remained the same since last year.

Summary: The median home sold price in Park Forest was $140,000 in March 2024, the same as last year, and the median price per square foot was $107.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $95K$110K
+15.8%
3 $152K$144.5K
-4.9%
4 $169.9K$176K
+3.6%
5+ $205K$177.5K
-13.4%

Summary: Park Forest 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 15.8%, 3 bedroom homes decreased by 4.9%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes decreased by 13.4%.

Median Sold Price Compared To Nearby Cities

Richton Park
+11.4%
Olympia Fields
+1.5%
Park Forest
0.0%
University Park
-0.8%
Monee Township
-9.6%

Housing Supply in Park Forest, IL

How many homes are available in Park Forest, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
136151+11.0%

Summary: The Park Forest real estate market had 151 homes for sale in March 2024, a 11.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 01
+100.0%
2 2632
+23.1%
3 7684
+10.5%
4 3333
0.0%
5+ 11
0.0%

Summary: The Park Forest housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 10.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2918-37.9%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Forest, you may be able to get a good deal. 38.9% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Park Forest in March 2024, down by 37.9% month-over-month. Of the 18 sold homes, 39% were sold under asking, 33% were sold at asking, and 28% were sold over asking.

Days on Market for Park Forest, IL

How long does it take to sell a home in Park Forest, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
32 Days40 Days+23.8%

Summary: Homes in Park Forest had an average of 40 days on market in Mar 2024, up by 23.8% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 18 homes were sold in Park Forest; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% 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 17 Days Ago

Newest Listings in Park Forest, IL

Nearby Markets to Park Forest, IL

What housing markets are near Park Forest, IL?