Is Norwood Park Township, 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, Norwood Park Township has remained a Seller's Market.
Housing Prices in Norwood Park Township, IL
How much do homes in Norwood Park Township, IL cost?
Median Sold Price
$390,000
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Norwood Park Township was $390,000 in May 2024, up 8.1% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $176.5K | $183.7K | +4.1% |
2 Bedrooms | $300K | $290K | -3.3% |
3 Bedrooms | $365K | $395K | +8.2% |
4 Bedrooms | $530K | $575K | +8.5% |
5+ Bedrooms | $547.5K | $807.5K | +47.5% |
Summary: Norwood Park Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.1%, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 47.5%.
Median Sold Price Compared To Nearby Cities
Maine Township | $331.5K | $363.3K | +9.6% |
Norwood Park Township | $360.6K | $390K | +8.1% |
Park Ridge | $491K | $525.7K | +7.1% |
Norridge | $350K | $369.5K | +5.6% |
Harwood Heights | $330K | $331K | 0.3% |
Housing Supply in Norwood Park Township, IL
How many homes are available in Norwood Park Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
84 | 89 | +6.0% |
Summary: The Norwood Park Township real estate market had 89 homes for sale in May 2024, a 6.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 18 | 17 | -5.6% |
3 Bedrooms | 41 | 42 | +2.4% |
4 Bedrooms | 18 | 22 | +22.2% |
5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Norwood Park Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
24 | 27 | +12.5% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Norwood Park Township in May 2024, up by 12.5% month-over-month. Of the 27 sold homes, 63% were sold under asking, 7% were sold at asking, and 30% were sold over asking.
Days on Market for Norwood Park Township, IL
How long does it take to sell a home in Norwood Park Township, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
48 Days | 25 Days | -47.9% |
Summary: Homes in Norwood Park Township had an average of 25 days on market in May 2024, down by 47.9% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 27 homes were sold in Norwood Park Township; 67% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.