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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richton Park is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Richton Park, IL

How much do homes in Richton Park, IL cost?

Median Sold Price

$195,000

$133/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$20,000(+11.4%)

Key Takeaway

Homes in Richton Park have sold for 11.4% more than they did a year ago.

Summary: The median home sold price in Richton Park was $195,000 in March 2024, up 11.4% from last year, and the median price per square foot was $133.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $50K$42.5K
-15.0%
2 $95K$113K
+18.9%
3 $185K$194.4K
+5.1%
4 $239K$285K
+19.2%
5+ $350.5K$320K
-8.7%

Summary: Richton Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15%, 2 bedroom homes increased by 18.9%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes decreased by 8.7%.

Median Sold Price Compared To Nearby Cities

Richton Park
+11.4%
Park Forest
0.0%
University Park
-0.8%
Matteson
-4.2%
Rich Township
-4.7%

Housing Supply in Richton Park, IL

How many homes are available in Richton Park, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
4954+10.2%

Summary: The Richton Park real estate market had 54 homes for sale in March 2024, a 10.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 11
0.0%
2 76
-14.3%
3 2129
+38.1%
4 2018
-10.0%
5+ 00
0.0%

Summary: The Richton Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 38.1%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
913+44.4%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richton Park, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Richton Park in March 2024, up by 44.4% month-over-month. Of the 13 sold homes, 38% were sold under asking, 0% were sold at asking, and 62% were sold over asking.

Days on Market for Richton Park, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
48 Days26 Days-45.4%

Summary: Homes in Richton Park had an average of 26 days on market in Mar 2024, down by 45.4% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 13 homes were sold in Richton Park; 69% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 15% 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 18 Days Ago

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