Is Park Ridge, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Park Ridge has remained a Seller's Market.
Housing Prices in Park Ridge, IL
How much do homes in Park Ridge, IL cost?
Median Sold Price
$526,964
$264/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Park Ridge was $526,964 in March 2024, up 6.5% from last year, and the median price per square foot was $264.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $130K | $150K | +15.4% |
2 Bedrooms | $333K | $308K | -7.5% |
3 Bedrooms | $482.5K | $485K | 0.5% |
4 Bedrooms | $700K | $685K | -2.1% |
5+ Bedrooms | $785K | $907.5K | +15.6% |
Summary: Park Ridge housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.4%, 2 bedroom homes decreased by 7.5%, 3 bedroom homes increased by 0.5%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 15.6%.
Median Sold Price Compared To Nearby Cities
Norwood Park Township | $355K | $391.5K | +10.3% |
Maine Township | $330.3K | $360K | +9.0% |
Niles | $325K | $350K | +7.7% |
Park Ridge | $495K | $526.9K | +6.5% |
Des Plaines | $305K | $291.7K | -4.4% |
Housing Supply in Park Ridge, IL
How many homes are available in Park Ridge, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
122 | 148 | +21.3% |
Summary: The Park Ridge real estate market had 148 homes for sale in March 2024, a 21.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 20 | 21 | +5.0% |
3 Bedrooms | 50 | 63 | +26.0% |
4 Bedrooms | 40 | 47 | +17.5% |
5+ Bedrooms | 10 | 14 | +40.0% |
Summary: The Park Ridge housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 26%, 4 bedroom homes increased by 17.5%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
17 | 42 | +147.1% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 42 homes were sold or pending in Park Ridge in March 2024, up by 147.1% month-over-month. Of the 42 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
25 Days | 28 Days | +12.0% |
Summary: Homes in Park Ridge had an average of 28 days on market in Mar 2024, up by 12% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 42 homes were sold in Park Ridge; 67% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.