Is Palos Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Palos Park has remained a Seller's Market.
Housing Prices in Palos Park, IL
How much do homes in Palos Park, IL cost?
Median Sold Price
$430,000
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palos Park was $430,000 in May 2024, down 6.5% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $230K | N/A |
2 Bedrooms | $245K | $267.5K | +9.2% |
3 Bedrooms | $383K | $400K | +4.4% |
4 Bedrooms | $650K | $572.5K | -11.9% |
5+ Bedrooms | $819K | $825K | +0.7% |
Summary: Palos 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 9.2%, 3 bedroom homes increased by 4.4%, 4 bedroom homes decreased by 11.9%, and 5+ bedroom homes increased by 0.7%.
Median Sold Price Compared To Nearby Cities
Palos Hills | $210K | $260K | +23.8% |
Palos Township | $260K | $320.1K | +23.1% |
Orland Park | $315.2K | $349.9K | +11.0% |
Palos Heights | $334.9K | $369.9K | +10.5% |
Palos Park | $460K | $430K | -6.5% |
Housing Supply in Palos Park, IL
How many homes are available in Palos Park, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
50 | 57 | +14.0% |
Summary: The Palos Park real estate market had 57 homes for sale in May 2024, a 14.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 6 | 8 | +33.3% |
3 Bedrooms | 17 | 13 | -23.5% |
4 Bedrooms | 16 | 21 | +31.3% |
5+ Bedrooms | 8 | 12 | +50.0% |
Summary: The Palos 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 increased by 33.3%, 3 bedroom homes decreased by 23.5%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
6 | 15 | +150.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 15 homes were sold or pending in Palos Park in May 2024, up by 150.0% month-over-month. Of the 15 sold homes, 40% were sold under asking, 7% were sold at asking, and 53% were sold over asking.
Days on Market for Palos Park, IL
How long does it take to sell a home in Palos Park, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
17 Days | 10 Days | -38.9% |
Summary: Homes in Palos Park had an average of 10 days on market in May 2024, down by 38.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 15 homes were sold in Palos Park; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.