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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Park Ridge is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Park Ridge, IL

How much do homes in Park Ridge, IL cost?

Median Sold Price

$522,450

$265/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$27,450(+5.5%)

Key Takeaway

Homes in Park Ridge have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Park Ridge was $522,450 in April 2024, up 5.5% from last year, and the median price per square foot was $265.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $128K$151K
+18.0%
2 $333K$314.5K
-5.6%
3 $475K$485.5K
+2.2%
4 $700K$686.9K
-1.9%
5+ $860K$900K
+4.7%

Summary: Park Ridge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 2.2%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 4.7%.

Median Sold Price Compared To Nearby Cities

Norwood Park Township
+8.3%
Niles
+7.9%
Maine Township
+7.5%
Park Ridge
+5.5%
Des Plaines
-1.3%

Housing Supply in Park Ridge, IL

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
137172+25.5%

Summary: The Park Ridge real estate market had 172 homes for sale in April 2024, a 25.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 46
+50.0%
2 2225
+13.6%
3 5673
+30.4%
4 4354
+25.6%
5+ 1214
+16.7%

Summary: The Park Ridge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 30.4%, 4 bedroom homes increased by 25.6%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
4241-2.4%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

21 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Ridge, you could pay more than the asking price. 51.2% of homes here sold above asking price last month.

Summary: A total of 41 homes were sold or pending in Park Ridge in April 2024, down by 2.4% month-over-month. Of the 41 sold homes, 37% were sold under asking, 12% were sold at asking, and 51% were sold over asking.

Days on Market for Park Ridge, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
16 Days29 Days+81.8%

Summary: Homes in Park Ridge had an average of 29 days on market in Apr 2024, up by 81.8% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

2 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 Ridge are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 41 homes were sold in Park Ridge; 85% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 10% 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 7 Days Ago

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