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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park West is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Norwood Park West, IL

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

Median Sold Price

$425,000

$244/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$45,000(+11.8%)

Key Takeaway

Homes in Norwood Park West have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Norwood Park West was $425,000 in November 2024, up 11.8% from last year, and the median price per square foot was $244.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $126.8K$140K
+10.3%
2 $301.5K$352K
+16.7%
3 $422K$435K
+3.1%
4 $557.5K$636K
+14.1%
5+ $995K$775K
-22.1%

Summary: Norwood Park West housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.3%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes decreased by 22.1%.

Median Sold Price Compared To Nearby Neighborhoods

Edison Park
+12.9%
Norwood Park West
+11.8%
Norwood Park
+6.5%

Housing Supply in Norwood Park West, IL

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

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2120-4.8%

Summary: The Norwood Park West real estate market had 20 homes for sale in November 2024, a 4.8% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 33
0.0%
2 54
-20.0%
3 910
+11.1%
4 22
0.0%
5+ 21
-50.0%

Summary: The Norwood Park West 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 20%, 3 bedroom homes increased by 11.1%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park West, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Norwood Park West in November 2024, up by 40.0% month-over-month. Of the 7 sold homes, 43% were sold under asking, 43% were sold at asking, and 14% were sold over asking.

Days on Market for Norwood Park West, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
77 Days10 Days-86.9%

Summary: Homes in Norwood Park West had an average of 10 days on market in Nov 2024, down by 86.9% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 7 homes were sold in Norwood Park West; 100% of homes were sold within 30 days, 0% 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 24 Days Ago

Newest Listings in Norwood Park West, IL

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