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 buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Richton Park was a Seller's Market.

Key Takeaway

Richton Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Richton Park, IL

How much do homes in Richton Park, IL cost?

Median Sold Price

$194,000

$130/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$11,000(+6.0%)

Key Takeaway

Homes in Richton Park have sold for 6% more than they did a year ago.

Summary: The median home sold price in Richton Park was $194,000 in May 2024, up 6% from last year, and the median price per square foot was $130.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $50.5K$49K
-3.0%
2 $100K$104.5K
+4.5%
3 $187.5K$180K
-4.0%
4 $249K$285K
+14.5%
5+ $350.5K$320K
-8.7%

Summary: Richton Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 4.5%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes decreased by 8.7%.

Median Sold Price Compared To Nearby Cities

Richton Park
+6.0%
Park Forest
0.5%
University Park
0.0%
Matteson
-2.1%
Rich Township
-4.8%

Housing Supply in Richton Park, IL

How many homes are available in Richton Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5054+8.0%

Summary: The Richton Park real estate market had 54 homes for sale in May 2024, a 8.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 10
-100.0%
2 79
+28.6%
3 3133
+6.5%
4 1112
+9.1%
5+ 00
0.0%

Summary: The Richton Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
167-56.3%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richton Park, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Richton Park in May 2024, down by 56.3% month-over-month. Of the 7 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% 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

May 2023May 2024CHANGE
16 Days54 Days+238.9%

Summary: Homes in Richton Park had an average of 54 days on market in May 2024, up by 238.9% compared to last year.

Breakdown of Home Sale Times

3 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 May 2024, 7 homes were sold in Richton Park; 43% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% 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 12 Days Ago

Newest Listings in Richton Park, IL

Nearby Markets to Richton Park, IL

What housing markets are near Richton Park, IL?