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 August 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

$540,211

$268/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2023

+$46,766(+9.5%)

Key Takeaway

Homes in Park Ridge have sold for 9.5% more than they did a year ago.

Summary: The median home sold price in Park Ridge was $540,211 in August 2024, up 9.5% from last year, and the median price per square foot was $268.

Median Sold Price By Bedroom Count

# BEDSAug 2023Aug 2024CHANGE
1 $143.5K$177.5K
+23.7%
2 $339.9K$314.5K
-7.5%
3 $465K$520K
+11.8%
4 $686.9K$745K
+8.5%
5+ $845.5K$971.2K
+14.9%

Summary: Park Ridge housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.7%, 2 bedroom homes decreased by 7.5%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 14.9%.

Median Sold Price Compared To Nearby Cities

Niles
+13.8%
Maine Township
+10.7%
Park Ridge
+9.5%
Des Plaines
+6.8%
Norwood Park Township
+6.5%

Housing Supply in Park Ridge, IL

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Jul 2024Aug 2024CHANGE
145155+6.9%

Summary: The Park Ridge real estate market had 155 homes for sale in August 2024, a 6.9% increase compared to July 2024.

Homes For Sale By Bedroom Count

# BEDSJul 2024Aug 2024CHANGE
1 56
+20.0%
2 2123
+9.5%
3 6060
0.0%
4 4447
+6.8%
5+ 1519
+26.7%

Summary: The Park Ridge housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 9.5%, 3 bedroom homes remained the same, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 26.7%.

Number of Homes Sold

Jul 2024Aug 2024CHANGE
4544-2.2%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Ridge, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 44 homes were sold or pending in Park Ridge in August 2024, down by 2.2% month-over-month. Of the 44 sold homes, 55% were sold under asking, 11% were sold at asking, and 34% 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

Aug 2023Aug 2024CHANGE
18 Days20 Days+9.8%

Summary: Homes in Park Ridge had an average of 20 days on market in Aug 2024, up by 9.8% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 August 2024, 44 homes were sold in Park Ridge; 80% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 2% 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 18 Days Ago

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