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 April 2023

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 in River Forest, IL

How much do homes in River Forest, IL cost?

Median Sold Price

$497,000

$249/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$6,000(-1.2%)

Key Takeaway

Homes in River Forest have sold for 1.2% less than they did a year ago.

Summary: The median home sold price in River Forest was $497,000 in April 2024, down 1.2% from last year, and the median price per square foot was $249.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $99.2K$146K
+47.1%
2 $233K$245K
+5.2%
3 $582.2K$499.9K
-14.1%
4 $910K$901.5K
-0.9%
5+ $1.1M$1.3M
+12.9%

Summary: River Forest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 47.1%, 2 bedroom homes increased by 5.2%, 3 bedroom homes decreased by 14.1%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 12.9%.

Median Sold Price Compared To Nearby Cities

Maywood
+2.1%
River Forest
-1.2%
River Forest Township
-1.2%
Oak Park
-1.6%
Oak Park Township
-1.8%

Housing Supply in River Forest, IL

How many homes are available in River Forest, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
4454+22.7%

Summary: The River Forest real estate market had 54 homes for sale in April 2024, a 22.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 52
-60.0%
2 1514
-6.7%
3 1217
+41.7%
4 710
+42.9%
5+ 511
+120.0%

Summary: The River Forest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 41.7%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 120%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1015+50.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

3 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. 40% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in River Forest in April 2024, up by 50.0% month-over-month. Of the 15 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.

Days on Market for River Forest, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
45 Days45 Days-1.7%

Summary: Homes in River Forest had an average of 45 days on market in Apr 2024, down by 1.7% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

4 Homes Were 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 April 2024, 15 homes were sold in River Forest; 67% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 27% 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 14 Days Ago

Newest Listings in River Forest, IL

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