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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Hills is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Palos Hills, IL

How much do homes in Palos Hills, IL cost?

Median Sold Price

$278,466

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$55,966(+25.2%)

Key Takeaway

Homes in Palos Hills have sold for 25.2% more than they did a year ago.

Summary: The median home sold price in Palos Hills was $278,466 in November 2024, up 25.2% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $107.6K$137.5K
+27.8%
2 $190K$220K
+15.8%
3 $300K$348.5K
+16.2%
4 $416K$410K
-1.4%
5+ $380K$605K
+59.2%

Summary: Palos Hills housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.8%, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 16.2%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes increased by 59.2%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
+30.2%
Palos Hills
+25.2%
Palos Township
+16.2%
Worth
+12.3%
Hickory Hills
+7.0%

Housing Supply in Palos Hills, IL

How many homes are available in Palos Hills, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
8376-8.4%

Summary: The Palos Hills real estate market had 76 homes for sale in November 2024, a 8.4% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 41
-75.0%
2 3132
+3.2%
3 2922
-24.1%
4 1212
0.0%
5+ 79
+28.6%

Summary: The Palos Hills housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 75%, 2 bedroom homes increased by 3.2%, 3 bedroom homes decreased by 24.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2816-42.9%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Hills, you may be able to get a good deal. 56.3% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in Palos Hills in November 2024, down by 42.9% month-over-month. Of the 16 sold homes, 56% were sold under asking, 19% were sold at asking, and 25% were sold over asking.

Days on Market for Palos Hills, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
10 Days25 Days+141.3%

Summary: Homes in Palos Hills had an average of 25 days on market in Nov 2024, up by 141.3% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

5 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 Hills are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 16 homes were sold in Palos Hills; 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 17 Days Ago

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