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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Norwood Park, IL

How much do homes in Norwood Park, IL cost?

Median Sold Price

$383,700

$227/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$28,533(+8.0%)

Key Takeaway

Homes in Norwood Park have sold for 8% more than they did a year ago.

Summary: The median home sold price in Norwood Park was $383,700 in October 2024, up 8% from last year, and the median price per square foot was $227.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $125.7K$152.5K
+21.2%
2 $260K$237K
-8.8%
3 $390K$425K
+9.0%
4 $520K$515K
-1.0%
5+ $612.5K$595K
-2.9%

Summary: Norwood Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.2%, 2 bedroom homes decreased by 8.8%, 3 bedroom homes increased by 9%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes decreased by 2.9%.

Median Sold Price Compared To Nearby Neighborhoods

Oriole Park
+13.2%
Norwood Park West
+9.8%
Norwood Park
+8.0%
Old Norwood
+3.1%

Housing Supply in Norwood Park, IL

How many homes are available in Norwood Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
127138+8.7%

Summary: The Norwood Park real estate market had 138 homes for sale in October 2024, a 8.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 914
+55.6%
2 4949
0.0%
3 3544
+25.7%
4 2218
-18.2%
5+ 1213
+8.3%

Summary: The Norwood Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 55.6%, 2 bedroom homes remained the same, 3 bedroom homes increased by 25.7%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes increased by 8.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3935-10.3%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Norwood Park in October 2024, down by 10.3% month-over-month. Of the 35 sold homes, 60% were sold under asking, 6% were sold at asking, and 34% were sold over asking.

Days on Market for Norwood Park, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days22 Days+33.6%

Summary: Homes in Norwood Park had an average of 22 days on market in Oct 2024, up by 33.6% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 35 homes were sold in Norwood Park; 89% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 3% 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 22 Days Ago

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