Is Palos Heights, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Heights is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Palos Heights has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Palos Heights, IL

How much do homes in Palos Heights, IL cost?

Median Sold Price

$366,000

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$21,000(+6.1%)

Key Takeaway

Homes in Palos Heights have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Palos Heights was $366,000 in November 2024, up 6.1% from last year, and the median price per square foot was $189.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $108.5K$350K
+222.6%
2 $270K$297.5K
+10.2%
3 $340K$360K
+5.9%
4 $452.5K$444K
-1.9%
5+ $572.5K$425K
-25.8%

Summary: Palos Heights housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 222.6%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes decreased by 25.8%.

Median Sold Price Compared To Nearby Cities

Palos Hills
+25.2%
Palos Township
+16.2%
Worth
+12.3%
Palos Park
+12.3%
Palos Heights
+6.1%

Housing Supply in Palos Heights, IL

How many homes are available in Palos Heights, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
5658+3.6%

Summary: The Palos Heights real estate market had 58 homes for sale in November 2024, a 3.6% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 1616
0.0%
3 2223
+4.5%
4 1213
+8.3%
5+ 55
0.0%

Summary: The Palos Heights 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 remained the same, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
813+62.5%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Heights, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Palos Heights in November 2024, up by 62.5% month-over-month. Of the 13 sold homes, 62% were sold under asking, 15% were sold at asking, and 23% were sold over asking.

Days on Market for Palos Heights, IL

How long does it take to sell a home in Palos Heights, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
38 Days23 Days-39.9%

Summary: Homes in Palos Heights had an average of 23 days on market in Nov 2024, down by 39.9% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 13 homes were sold in Palos Heights; 69% of homes were sold within 30 days, 31% 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 20 Days Ago

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