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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Orland Park is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Orland Park, IL

How much do homes in Orland Park, IL cost?

Median Sold Price

$356,915

$192/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$24,578(+7.4%)

Key Takeaway

Homes in Orland Park have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Orland Park was $356,915 in September 2024, up 7.4% from last year, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $140K$164K
+17.1%
2 $245K$265K
+8.2%
3 $351.7K$382K
+8.6%
4 $499.7K$480K
-3.9%
5+ $641.2K$635K
-1.0%

Summary: Orland Park housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 3.9%, and 5+ bedroom homes decreased by 1%.

Median Sold Price Compared To Nearby Cities

Orland Hills
+13.8%
Orland Township
+7.9%
Tinley Park
+7.9%
Orland Park
+7.4%
Palos Park
+7.1%

Housing Supply in Orland Park, IL

How many homes are available in Orland Park, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
283312+10.2%

Summary: The Orland Park real estate market had 312 homes for sale in September 2024, a 10.2% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 12
+100.0%
2 94103
+9.6%
3 114126
+10.5%
4 5661
+8.9%
5+ 1820
+11.1%

Summary: The Orland Park housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
8662-27.9%

Asking Price vs. Sold Price

36 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Orland Park, you may be able to get a good deal. 58.1% of homes here sold below asking price last month.

Summary: A total of 62 homes were sold or pending in Orland Park in September 2024, down by 27.9% month-over-month. Of the 62 sold homes, 58% were sold under asking, 15% were sold at asking, and 27% were sold over asking.

Days on Market for Orland Park, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
19 Days17 Days-10.0%

Summary: Homes in Orland Park had an average of 17 days on market in Sep 2024, down by 10% compared to last year.

Breakdown of Home Sale Times

51 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 62 homes were sold in Orland Park; 82% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 2% 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 29 Days Ago

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