Is River Forest, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River Forest is a seller's market

Buyer's
Market

Difference Since August 2022

Since last year, River Forest has remained a Seller's Market.

Key Takeaway

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

Housing Prices

How much do homes in River Forest, IL cost?

Median Sold Price

$495,000

$236/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2022

-$13,000(-2.6%)

Key Takeaway

Homes in River Forest have sold for 2.6% less than they did a year ago.

Summary: The median home sold price in River Forest was $495,000 in August 2023, down 2.6% from last year, and the median price per square foot was $236.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $101.5K$112.2K
+10.6%
2 $210K$244K
+16.2%
3 $542.5K$570K
+5.1%
4 $832.5K$865K
+3.9%
5+ $1.1M$1.2M
+0.7%

Summary: River Forest housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 10.6%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 0.7%.

Median Sold Price Compared To Nearby Cities

Maywood
-2.0%
River Forest
-2.6%
River Forest Township
-2.6%
Oak Park Township
-10.7%
Oak Park
-10.8%

Housing Supply

How many homes are available in River Forest, IL?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
54540.0%

Summary: The River Forest real estate market had 54 homes for sale in August 2023, the same as July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 32
-33.3%
2 1516
+6.7%
3 1822
+22.2%
4 1311
-15.4%
5+ 53
-40.0%

Summary: The River Forest housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 22.2%, 4 bedroom homes decreased by 15.4%, and 5+ bedroom homes decreased by 40%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE
1518+20.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in River Forest, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in River Forest in August 2023, up by 20.0% month-over-month. Of the 18 sold homes, 44% were sold under asking, 11% were sold at asking, and 44% were sold over asking.

Days on Market

How long does it take to sell a home in River Forest, IL?

Average Sale Time

Aug 2022Aug 2023CHANGE
33 Days17 Days-48.0%

Summary: Homes in River Forest had an average of 17 days on market in Aug 2023, down by 48% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2023, 18 homes were sold in River Forest; 83% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 6% 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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Nearby Markets

What housing markets are near River Forest, IL?