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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garfield Ridge is a seller's market

Buyer's
Market

Difference Since December 2023

Since last year, Garfield Ridge has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Garfield Ridge, IL

How much do homes in Garfield Ridge, IL cost?

Median Sold Price

$334,000

$247/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$29,000(+9.5%)

Key Takeaway

Homes in Garfield Ridge have sold for 9.5% more than they did a year ago.

Summary: The median home sold price in Garfield Ridge was $334,000 in December 2024, up 9.5% from last year, and the median price per square foot was $247.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $95K$110.2K
+16.1%
2 $270.5K$297.5K
+10.0%
3 $299.9K$322.5K
+7.5%
4 $349K$380K
+8.9%
5+ $430K$430K
0.0%

Summary: Garfield Ridge housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

West Elsdon
+23.4%
Archer Heights
+9.6%
Garfield Ridge
+9.5%
Clearing
+3.4%

Housing Supply in Garfield Ridge, IL

How many homes are available in Garfield Ridge, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
7666-13.2%

Summary: The Garfield Ridge real estate market had 66 homes for sale in December 2024, a 13.2% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 34
+33.3%
2 89
+12.5%
3 3932
-17.9%
4 1812
-33.3%
5+ 89
+12.5%

Summary: The Garfield Ridge housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
2318-21.7%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garfield Ridge, you may be able to get a good deal. 61.1% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Garfield Ridge in December 2024, down by 21.7% month-over-month. Of the 18 sold homes, 61% were sold under asking, 11% were sold at asking, and 28% were sold over asking.

Days on Market for Garfield Ridge, IL

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

Average Sale Time

Dec 2023Dec 2024CHANGE
25 Days28 Days+10.7%

Summary: Homes in Garfield Ridge had an average of 28 days on market in Dec 2024, up by 10.7% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During December 2024, 18 homes were sold in Garfield Ridge; 72% of homes were sold within 30 days, 28% 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 5 Days Ago

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