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 seller's market

Buyer's
Market

Difference Since November 2021

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

Key Takeaway

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

How much do homes in Park Forest, IL cost?

Median Sold Price

$136,750

$108/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$20,476(+17.6%)

Key Takeaway

Homes in Park Forest have sold for 17.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 -$38K
N/A
2 $73.4K$93K
+26.6%
3 $119.9K$152K
+26.7%
4 $150K$160K
+6.7%
5+ $169K$199.4K
+18.0%

Median Sold Price Compared To Nearby Cities

University Park
+24.1%
Monee Township
+21.2%
Park Forest
+17.6%
Olympia Fields
+15.4%
Richton Park
+8.7%

How many homes are available in Park Forest, IL?

Number of Homes For Sale

Oct 2022Nov 2022%
149173+16.1%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 00
0.0%
2 3132
+3.2%
3 7187
+22.5%
4 4146
+12.2%
5+ 68
+33.3%

Number of Homes Sold

Oct 2022Nov 2022%
1929+52.6%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

9 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. 48.3% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
30 Days32 Days+7.7%

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

3 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Park Forest, IL

Homes for sale in Park Forest, IL have reached 173. In November 2022 in Park Forest, IL there were 16.1% more homes for sale than in October 2022. In November 2022 median list price was $136,750 and the average listing age was 32 days. Listing prices have changed in this real estate market between October 2022 and November 2022: 1 bedroom properties became 0% more expensive, the cost of 2 bedrooms properties went up by 26.6%, 3 bedrooms properties prices increased by 26.7%, 4 bedrooms properties prices increased by 6.7%, prices of 5 bedrooms properties increased by 18%. Housing inventory have changed in this real estate market: volume of 1 bedroom homes stayed the same, 2 bedrooms homes inventory increased by 3.2%, the quantity of 3 bedrooms homes went up by 22.5%, number of 4 bedrooms homes increased by 12.2%, volume of 5 bedrooms homes went up by 33.3%. While more than 9 listings in Park Forest, IL in November 2022 were sold above asking price, there were more than 6 listings sold at asking price, and more than 14 were sold below.

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