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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park Township is a neutral's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Norwood Park Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Norwood Park Township, IL

How much do homes in Norwood Park Township, IL cost?

Median Sold Price

$393,666

$262/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$5,333(+1.4%)

Key Takeaway

Homes in Norwood Park Township have sold for 1.4% more than they did a year ago.

Summary: The median home sold price in Norwood Park Township was $393,666 in November 2024, up 1.4% from last year, and the median price per square foot was $262.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $171K$185.9K
+8.7%
2 $300K$310K
+3.3%
3 $385K$392.5K
+1.9%
4 $568.7K$583.7K
+2.6%
5+ $695K$930K
+33.8%

Summary: Norwood Park Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 33.8%.

Median Sold Price Compared To Nearby Cities

Maine Township
+8.3%
Park Ridge
+6.3%
Norridge
+4.2%
Norwood Park Township
+1.4%
Harwood Heights
-3.3%

Housing Supply in Norwood Park Township, IL

How many homes are available in Norwood Park Township, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
7590+20.0%

Summary: The Norwood Park Township real estate market had 90 homes for sale in November 2024, a 20.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1820
+11.1%
3 3643
+19.4%
4 1618
+12.5%
5+ 59
+80.0%

Summary: The Norwood Park Township 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 increased by 11.1%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 80%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1115+36.4%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park Township, you may be able to get a good deal. 73.3% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Norwood Park Township in November 2024, up by 36.4% month-over-month. Of the 15 sold homes, 73% were sold under asking, 13% were sold at asking, and 13% were sold over asking.

Days on Market for Norwood Park Township, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
14 Days50 Days+250.3%

Summary: Homes in Norwood Park Township had an average of 50 days on market in Nov 2024, up by 250.3% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Norwood Park Township has remained consistent over time.

Summary: During November 2024, 15 homes were sold in Norwood Park Township; 40% of homes were sold within 30 days, 53% 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 2 Days Ago

Newest Listings in Norwood Park Township, IL

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