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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Franklin Park is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Franklin Park, IL

How much do homes in Franklin Park, IL cost?

Median Sold Price

$310,000

$239/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$35,000(+12.7%)

Key Takeaway

Homes in Franklin Park have sold for 12.7% more than they did a year ago.

Summary: The median home sold price in Franklin Park was $310,000 in May 2024, up 12.7% from last year, and the median price per square foot was $239.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $182.5K$142.4K
-21.9%
2 $250K$257.5K
+3.0%
3 $285.5K$315K
+10.3%
4 $329.5K$355.9K
+8.0%
5+ $275K$377.5K
+37.3%

Summary: Franklin Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.9%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 37.3%.

Median Sold Price Compared To Nearby Cities

Northlake
+16.0%
Franklin Park
+12.7%
Leyden Township
+8.9%
Melrose Park
+3.4%
Schiller Park
-3.9%

Housing Supply in Franklin Park, IL

How many homes are available in Franklin Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3339+18.2%

Summary: The Franklin Park real estate market had 39 homes for sale in May 2024, a 18.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 1212
0.0%
3 1521
+40.0%
4 33
0.0%
5+ 22
0.0%

Summary: The Franklin 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 remained the same, 3 bedroom homes increased by 40%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
913+44.4%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Franklin Park, you could pay more than the asking price. 76.9% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Franklin Park in May 2024, up by 44.4% month-over-month. Of the 13 sold homes, 15% were sold under asking, 8% were sold at asking, and 77% were sold over asking.

Days on Market for Franklin Park, IL

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

Average Sale Time

May 2023May 2024CHANGE
32 Days13 Days-60.0%

Summary: Homes in Franklin Park had an average of 13 days on market in May 2024, down by 60% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 13 homes were sold in Franklin Park; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% 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 1 Day Ago

Newest Listings in Franklin Park, IL

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