Is Oak 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, Oak Park has remained a Seller's Market.
Housing Prices in Oak Park, IL
How much do homes in Oak Park, IL cost?
Median Sold Price
$412,166
$234/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Oak Park was $412,166 in May 2024, up 8.2% from last year, and the median price per square foot was $234.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $143.9K | +6.6% |
2 Bedrooms | $225K | $230K | +2.2% |
3 Bedrooms | $430K | $494K | +14.9% |
4 Bedrooms | $575K | $600.6K | +4.5% |
5+ Bedrooms | $675K | $720K | +6.7% |
Summary: Oak Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.6%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
Berwyn Township | $294.6K | $325.7K | +10.6% |
Berwyn | $294.7K | $325.7K | +10.5% |
Oak Park | $380.8K | $412.1K | +8.2% |
Oak Park Township | $380.8K | $412.1K | +8.2% |
Chicago | $339.3K | $349.9K | +3.1% |
Housing Supply in Oak Park, IL
How many homes are available in Oak Park, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
225 | 260 | +15.6% |
Summary: The Oak Park real estate market had 260 homes for sale in May 2024, a 15.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 23 | 29 | +26.1% |
2 Bedrooms | 49 | 61 | +24.5% |
3 Bedrooms | 73 | 76 | +4.1% |
4 Bedrooms | 49 | 56 | +14.3% |
5+ Bedrooms | 31 | 38 | +22.6% |
Summary: The Oak Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 26.1%, 2 bedroom homes increased by 24.5%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 22.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
60 | 75 | +25.0% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Summary: A total of 75 homes were sold or pending in Oak Park in May 2024, up by 25.0% month-over-month. Of the 75 sold homes, 31% were sold under asking, 19% were sold at asking, and 51% were sold over asking.
Days on Market for Oak Park, IL
How long does it take to sell a home in Oak Park, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
18 Days | 27 Days | +49.6% |
Summary: Homes in Oak Park had an average of 27 days on market in May 2024, up by 49.6% compared to last year.
Breakdown of Home Sale Times
57 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 75 homes were sold in Oak Park; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.