Is Portage Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Portage Park is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Portage Park has remained a Seller's Market.

Key Takeaway

Portage Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Portage Park, IL

How much do homes in Portage Park, IL cost?

Median Sold Price

$399,090

$224/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$910(-0.2%)

Key Takeaway

The sold price of homes in Portage Park has remained the same since last year.

Summary: The median home sold price in Portage Park was $399,090 in March 2024, down 0.2% from last year, and the median price per square foot was $224.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $130.8K$148K
+13.1%
2 $232.5K$275K
+18.3%
3 $380K$382.9K
+0.8%
4 $430K$419K
-2.6%
5+ $506K$495K
-2.2%

Summary: Portage Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.1%, 2 bedroom homes increased by 18.3%, 3 bedroom homes increased by 0.8%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 2.2%.

Housing Supply in Portage Park, IL

How many homes are available in Portage Park, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
114124+8.8%

Summary: The Portage Park real estate market had 124 homes for sale in March 2024, a 8.8% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 43
-25.0%
2 1320
+53.8%
3 2233
+50.0%
4 4442
-4.5%
5+ 3126
-16.1%

Summary: The Portage Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 53.8%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 16.1%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3731-16.2%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Portage Park, you may be able to get a good deal. 48.4% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in Portage Park in March 2024, down by 16.2% month-over-month. Of the 31 sold homes, 48% were sold under asking, 6% were sold at asking, and 45% were sold over asking.

Days on Market for Portage Park, IL

How long does it take to sell a home in Portage Park, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
44 Days25 Days-43.3%

Summary: Homes in Portage Park had an average of 25 days on market in Mar 2024, down by 43.3% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Portage Park are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 31 homes were sold in Portage Park; 68% of homes were sold within 30 days, 23% 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 29 Days Ago

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