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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garage Park is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Garage Park, IL

How much do homes in Garage Park, IL cost?

Median Sold Price

$280,000

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,000(+9.8%)

Key Takeaway

Homes in Garage Park have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Garage Park was $280,000 in October 2024, up 9.8% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $232K$250K
+7.8%
3 $250K$286.5K
+14.6%
4 $264.5K$282.4K
+6.8%
5+ $288.5K$346K
+19.9%

Summary: Garage Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 19.9%.

Median Sold Price Compared To Nearby Neighborhoods

New City
+13.6%
Garage Park
+9.8%
Southwest Side
+8.9%
Chicago Lawn
+7.7%
Brighton Park
+5.4%

Housing Supply in Garage Park, IL

How many homes are available in Garage Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3536+2.9%

Summary: The Garage Park real estate market had 36 homes for sale in October 2024, a 2.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 75
-28.6%
3 1010
0.0%
4 1012
+20.0%
5+ 89
+12.5%

Summary: The Garage Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 28.6%, 3 bedroom homes remained the same, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
109-10.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garage Park, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in Garage Park in October 2024, down by 10.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 11% were sold at asking, and 67% were sold over asking.

Days on Market for Garage Park, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
11 Days24 Days+107.6%

Summary: Homes in Garage Park had an average of 24 days on market in Oct 2024, up by 107.6% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 9 homes were sold in Garage Park; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% 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 13 Days Ago

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