Is Oak Forest, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Oak Forest has remained a Seller's Market.
Housing Prices in Oak Forest, IL
How much do homes in Oak Forest, IL cost?
Median Sold Price
$268,363
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Oak Forest was $268,363 in May 2024, up 3.3% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $88K | $100K | +13.6% |
2 Bedrooms | $186K | $185K | -0.5% |
3 Bedrooms | $269K | $282.5K | +5.0% |
4 Bedrooms | $317.9K | $324.9K | +2.2% |
5+ Bedrooms | $350K | $335K | -4.3% |
Summary: Oak Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 4.3%.
Median Sold Price Compared To Nearby Cities
Markham | $140K | $163K | +16.4% |
Bremen Township | $210K | $220.1K | +4.8% |
Midlothian | $212.5K | $220.6K | +3.8% |
Oak Forest | $259.8K | $268.3K | +3.3% |
Country Club Hills | $189.9K | $191.5K | +0.8% |
Housing Supply in Oak Forest, IL
How many homes are available in Oak Forest, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
77 | 87 | +13.0% |
Summary: The Oak Forest real estate market had 87 homes for sale in May 2024, a 13.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 4 | 0.0% |
2 Bedrooms | 14 | 13 | -7.1% |
3 Bedrooms | 40 | 48 | +20.0% |
4 Bedrooms | 15 | 19 | +26.7% |
5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Oak Forest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 27 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Oak Forest in May 2024, the same as the previous month. Of the 27 sold homes, 26% were sold under asking, 11% were sold at asking, and 63% were sold over asking.
Days on Market for Oak Forest, IL
How long does it take to sell a home in Oak Forest, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 17 Days | +11.1% |
Summary: Homes in Oak Forest had an average of 17 days on market in May 2024, up by 11.1% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 27 homes were sold in Oak Forest; 81% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.