Is Park Ridge, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Park Ridge was a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $128K | $149K | +16.4% |
2 Bedrooms | $320K | $314.5K | -1.7% |
3 Bedrooms | $485K | $475K | -2.1% |
4 Bedrooms | $700K | $689K | -1.6% |
5+ Bedrooms | $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 | $357.9K | $386.6K | +8.0% |
Niles | $325.3K | $349K | +7.3% |
Maine Township | $330.1K | $352.8K | +6.9% |
Park Ridge | $500K | $510K | +2.0% |
Des Plaines | $300.6K | $291.4K | -3.1% |
Housing Supply in Park Ridge, IL
How many homes are available in Park Ridge, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
97 | 126 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 3 | +200.0% |
2 Bedrooms | 15 | 20 | +33.3% |
3 Bedrooms | 42 | 54 | +28.6% |
4 Bedrooms | 30 | 39 | +30.0% |
5+ Bedrooms | 9 | 10 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
22 | 14 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
16 Days | 34 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
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.