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 buyer's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Park Ridge, IL

How much do homes in Park Ridge, IL cost?

Median Sold Price

$510,000

$259/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$10,000(+2.0%)

Key Takeaway

Homes in Park Ridge have sold for 2% more than they did a year ago.

Summary: The median home sold price in Park Ridge was $510,000 in February 2024, up 2% from last year, and the median price per square foot was $259.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $128K$149K
+16.4%
2 $320K$314.5K
-1.7%
3 $485K$475K
-2.1%
4 $700K$689K
-1.6%
5+ $785K$900K
+14.6%

Summary: Park Ridge housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes decreased by 2.1%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 14.6%.

Median Sold Price Compared To Nearby Cities

Norwood Park Township
+8.0%
Niles
+7.3%
Maine Township
+6.9%
Park Ridge
+2.0%
Des Plaines
-3.1%

Housing Supply in Park Ridge, IL

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
97126+29.9%

Summary: The Park Ridge real estate market had 126 homes for sale in February 2024, a 29.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 13
+200.0%
2 1520
+33.3%
3 4254
+28.6%
4 3039
+30.0%
5+ 910
+11.1%

Summary: The Park Ridge housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2214-36.4%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 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. 78.6% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Park Ridge in February 2024, down by 36.4% month-over-month. Of the 14 sold homes, 79% were sold under asking, 7% were sold at asking, and 14% 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

Feb 2023Feb 2024CHANGE
16 Days34 Days+107.7%

Summary: Homes in Park Ridge had an average of 34 days on market in Feb 2024, up by 107.7% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 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 February 2024, 14 homes were sold in Park Ridge; 71% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 21% 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 28 Days Ago

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