Is Oak Forest, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Forest is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Oak Forest has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Oak Forest, IL

How much do homes in Oak Forest, IL cost?

Median Sold Price

$286,500

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$32,833(+12.9%)

Key Takeaway

Homes in Oak Forest have sold for 12.9% more than they did a year ago.

Summary: The median home sold price in Oak Forest was $286,500 in November 2024, up 12.9% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $95.9K$115K
+19.9%
2 $183.9K$187K
+1.7%
3 $269.9K$302K
+11.9%
4 $310K$347.5K
+12.1%
5+ $335K$454.2K
+35.6%

Summary: Oak Forest housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.9%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 35.6%.

Median Sold Price Compared To Nearby Cities

Markham
+16.4%
Oak Forest
+12.9%
Bremen Township
+9.4%
Midlothian
+8.2%
Country Club Hills
+3.2%

Housing Supply in Oak Forest, IL

How many homes are available in Oak Forest, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9394+1.1%

Summary: The Oak Forest real estate market had 94 homes for sale in November 2024, a 1.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 45
+25.0%
2 2119
-9.5%
3 4348
+11.6%
4 1816
-11.1%
5+ 76
-14.3%

Summary: The Oak Forest housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 9.5%, 3 bedroom homes increased by 11.6%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2817-39.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Forest, you could pay more than the asking price. 47.1% of homes here sold above asking price last month.

Summary: A total of 17 homes were sold or pending in Oak Forest in November 2024, down by 39.3% month-over-month. Of the 17 sold homes, 41% were sold under asking, 12% were sold at asking, and 47% 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

Nov 2023Nov 2024CHANGE
18 Days15 Days-18.5%

Summary: Homes in Oak Forest had an average of 15 days on market in Nov 2024, down by 18.5% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 17 homes were sold in Oak Forest; 94% of homes were sold within 30 days, 6% 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 2 Days Ago

Newest Listings in Oak Forest, IL

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