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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morgan Park is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Morgan Park, IL

How much do homes in Morgan Park, IL cost?

Median Sold Price

$235,000

$162/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$11,000(+4.9%)

Key Takeaway

Homes in Morgan Park have sold for 4.9% more than they did a year ago.

Summary: The median home sold price in Morgan Park was $235,000 in October 2024, up 4.9% from last year, and the median price per square foot was $162.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$112K
N/A
2 $154.9K$170K
+9.7%
3 $218K$240K
+10.1%
4 $270.5K$325K
+20.1%
5+ $340K$320K
-5.9%

Summary: Morgan 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 9.7%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 20.1%, and 5+ bedroom homes decreased by 5.9%.

Median Sold Price Compared To Nearby Neighborhoods

West Pullman
+18.5%
Washington Heights
+9.3%
Mount Greenwood
+7.5%
Morgan Park
+4.9%
Beverly
+4.1%

Housing Supply in Morgan Park, IL

How many homes are available in Morgan Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6676+15.2%

Summary: The Morgan Park real estate market had 76 homes for sale in October 2024, a 15.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 1517
+13.3%
3 3232
0.0%
4 1117
+54.5%
5+ 79
+28.6%

Summary: The Morgan 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 increased by 13.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 54.5%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1617+6.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morgan Park, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Morgan Park in October 2024, up by 6.3% month-over-month. Of the 17 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% were sold over asking.

Days on Market for Morgan Park, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
63 Days40 Days-35.7%

Summary: Homes in Morgan Park had an average of 40 days on market in Oct 2024, down by 35.7% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 17 homes were sold in Morgan Park; 65% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% 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 21 Days Ago

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