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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Lawn is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Oak Lawn, IL

How much do homes in Oak Lawn, IL cost?

Median Sold Price

$269,672

$180/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$20,807(+8.4%)

Key Takeaway

Homes in Oak Lawn have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Oak Lawn was $269,672 in November 2024, up 8.4% from last year, and the median price per square foot was $180.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $103.7K$122K
+17.6%
2 $159.9K$175K
+9.4%
3 $299.7K$302K
+0.8%
4 $340K$350K
+2.9%
5+ $400K$395K
-1.3%

Summary: Oak Lawn housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.6%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 0.8%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes decreased by 1.3%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
+30.2%
Worth Township
+9.4%
Oak Lawn
+8.4%
Burbank
+4.6%

Housing Supply in Oak Lawn, IL

How many homes are available in Oak Lawn, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
231238+3.0%

Summary: The Oak Lawn real estate market had 238 homes for sale in November 2024, a 3.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1413
-7.1%
2 8686
0.0%
3 7787
+13.0%
4 4341
-4.7%
5+ 1111
0.0%

Summary: The Oak Lawn housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.1%, 2 bedroom homes remained the same, 3 bedroom homes increased by 13%, 4 bedroom homes decreased by 4.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
6548-26.2%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Lawn, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 48 homes were sold or pending in Oak Lawn in November 2024, down by 26.2% month-over-month. Of the 48 sold homes, 50% were sold under asking, 15% were sold at asking, and 35% were sold over asking.

Days on Market for Oak Lawn, IL

How long does it take to sell a home in Oak Lawn, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
27 Days28 Days+2.7%

Summary: Homes in Oak Lawn had an average of 28 days on market in Nov 2024, up by 2.7% compared to last year.

Breakdown of Home Sale Times

34 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 48 homes were sold in Oak Lawn; 71% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 6% 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

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