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 March 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

$526,964

$264/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$31,964(+6.5%)

Key Takeaway

Homes in Park Ridge have sold for 6.5% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $130K$150K
+15.4%
2 $333K$308K
-7.5%
3 $482.5K$485K
0.5%
4 $700K$685K
-2.1%
5+ $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
+10.3%
Maine Township
+9.0%
Niles
+7.7%
Park Ridge
+6.5%
Des Plaines
-4.4%

Housing Supply in Park Ridge, IL

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
122148+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

# BEDSFeb 2024Mar 2024CHANGE
1 23
+50.0%
2 2021
+5.0%
3 5063
+26.0%
4 4047
+17.5%
5+ 1014
+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 2024Mar 2024CHANGE
1742+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Ridge, you may be able to get a good deal. 64.3% of homes here sold below asking price last month.

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 2023Mar 2024CHANGE
25 Days28 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

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 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.

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

Report Updated 25 Days Ago

Newest Listings in Park Ridge, IL

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