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 2021

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.

How much do homes in Park Ridge, IL cost?

Median Sold Price

$479,900

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$9,900(+2.1%)

Key Takeaway

Homes in Park Ridge have sold for 2.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $124K$125K
+0.8%
2 $290.6K$318K
+9.4%
3 $438.4K$465.5K
+6.2%
4 $656.5K$699.5K
+6.5%
5+ $682.5K$750K
+9.9%

Median Sold Price Compared To Nearby Cities

Des Plaines
+7.1%
Maine Township
+4.5%
Park Ridge
+2.1%
Niles
+1.8%

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Jul 2022Aug 2022%
257254-1.2%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 99
0.0%
2 4643
-6.5%
3 8888
0.0%
4 8788
+1.1%
5+ 2726
-3.7%

Number of Homes Sold

Jul 2022Aug 2022%
5761+7.0%

Asking Price vs. Sold Price

39 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

14 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. 63.9% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
17 Days18 Days+3.4%

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

10 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.

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

About Park Ridge, IL

There are 254 homes are for sale in Park Ridge, IL real estate market. The number of listings in Park Ridge, IL decreased by 1.2% between July 2022 and August 2022. In August 2022, listings were on the market for 18 days. During the same period, the median list price in this real estate market was $479,900. Listing prices have changed in this real estate market between July 2022 and August 2022: prices of 1 bedroom properties went up by 0.8%, 2 bedrooms properties prices increased by 9.4%, 3 bedrooms properties became 6.2% more expensive, the cost of 4 bedrooms properties went up by 6.5%, the cost of 5 bedrooms properties went up by 9.9%. This housing market inventory have changed: volume of 1 bedroom homes stayed the same, the quantity of 2 bedrooms homes went down by 6.5%, 3 bedrooms homes inventory did not change, the quantity of 4 bedrooms homes went up by 1.1%, the quantity of 5 bedrooms homes went down by 3.7%. In August 2022, from all listings sold in Park Ridge, IL there were more than 14 sold above asking price, over 39 sold below and more than 8 were sold right at the asked price.

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