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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing University Park is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in University Park, IL

How much do homes in University Park, IL cost?

Median Sold Price

$175,000

$94/sqft

Based on all homes sold in the last 12 months.

The Median Sold Price hasn't changed since May 2023.

Key Takeaway

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

Summary: The median home sold price in University Park was $175,000 in May 2024, the same as last year, and the median price per square foot was $94.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $55.5K-
N/A
2 $71K$76.4K
+7.6%
3 $169.9K$168K
-1.1%
4 $222.9K$234K
+4.9%
5+ $277K$265K
-4.3%

Summary: University Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.6%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes decreased by 4.3%.

Median Sold Price Compared To Nearby Cities

Richton Park
+6.0%
Monee
+4.8%
Monee Township
+0.6%
Park Forest
0.5%
University Park
0.0%

Housing Supply in University Park, IL

How many homes are available in University Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3639+8.3%

Summary: The University Park real estate market had 39 homes for sale in May 2024, a 8.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 65
-16.7%
3 2018
-10.0%
4 914
+55.6%
5+ 12
+100.0%

Summary: The University Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 55.6%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
98-11.1%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in University Park, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in University Park in May 2024, down by 11.1% month-over-month. Of the 8 sold homes, 63% were sold under asking, 0% were sold at asking, and 38% were sold over asking.

Days on Market for University Park, IL

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

Average Sale Time

May 2023May 2024CHANGE
26 Days36 Days+36.4%

Summary: Homes in University Park had an average of 36 days on market in May 2024, up by 36.4% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 8 homes were sold in University Park; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% 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

Newest Listings in University Park, IL

Nearby Markets to University Park, IL

What housing markets are near University Park, IL?