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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Park Township is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Oak Park Township, IL

How much do homes in Oak Park Township, IL cost?

Median Sold Price

$383,625

$230/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$7,191(-1.8%)

Key Takeaway

Homes in Oak Park Township have sold for 1.8% less than they did a year ago.

Summary: The median home sold price in Oak Park Township was $383,625 in April 2024, down 1.8% from last year, and the median price per square foot was $230.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $135K$144K
+6.7%
2 $225K$226K
0.4%
3 $445.2K$480.6K
+7.9%
4 $600K$590K
-1.7%
5+ $675K$677K
0.3%

Summary: Oak Park Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes increased by 0.3%.

Median Sold Price Compared To Nearby Cities

Berwyn
+9.8%
Berwyn Township
+9.7%
Chicago
+2.1%
Oak Park
-1.6%
Oak Park Township
-1.8%

Housing Supply in Oak Park Township, IL

How many homes are available in Oak Park Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
208224+7.7%

Summary: The Oak Park Township real estate market had 224 homes for sale in April 2024, a 7.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 2922
-24.1%
2 4047
+17.5%
3 6768
+1.5%
4 4251
+21.4%
5+ 3036
+20.0%

Summary: The Oak Park Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 24.1%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
6555-15.4%

Asking Price vs. Sold Price

20 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

30 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Park Township, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.

Summary: A total of 55 homes were sold or pending in Oak Park Township in April 2024, down by 15.4% month-over-month. Of the 55 sold homes, 36% were sold under asking, 9% were sold at asking, and 55% were sold over asking.

Days on Market for Oak Park Township, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
30 Days22 Days-26.3%

Summary: Homes in Oak Park Township had an average of 22 days on market in Apr 2024, down by 26.3% compared to last year.

Breakdown of Home Sale Times

44 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 55 homes were sold in Oak Park Township; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% 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 17 Days Ago

Newest Listings in Oak Park Township, IL

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