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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garfield Park is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Garfield Park was a Seller's Market.

Key Takeaway

Garfield Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Garfield Park, IL

How much do homes in Garfield Park, IL cost?

Median Sold Price

$260,625

$138/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$3,175(+1.2%)

Key Takeaway

Homes in Garfield Park have sold for 1.2% more than they did a year ago.

Summary: The median home sold price in Garfield Park was $260,625 in November 2024, up 1.2% from last year, and the median price per square foot was $138.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $25K$115.5K
+362.0%
2 $210K$149K
-29.0%
3 $209.7K$245K
+16.8%
4 $249K$175.5K
-29.5%
5+ $312K$338K
+8.3%

Summary: Garfield Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 362%, 2 bedroom homes decreased by 29%, 3 bedroom homes increased by 16.8%, 4 bedroom homes decreased by 29.5%, and 5+ bedroom homes increased by 8.3%.

Housing Supply in Garfield Park, IL

How many homes are available in Garfield Park, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
117125+6.8%

Summary: The Garfield Park real estate market had 125 homes for sale in November 2024, a 6.8% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 76
-14.3%
3 2628
+7.7%
4 1416
+14.3%
5+ 6974
+7.2%

Summary: The Garfield Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 7.2%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2914-51.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garfield Park, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Garfield Park in November 2024, down by 51.7% month-over-month. Of the 14 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.

Days on Market for Garfield Park, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
69 Days37 Days-46.7%

Summary: Homes in Garfield Park had an average of 37 days on market in Nov 2024, down by 46.7% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 14 homes were sold in Garfield Park; 64% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 7% 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 3 Days Ago

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