Is Palos Hills, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Palos Hills has remained a Seller's Market.
Housing Prices in Palos Hills, IL
How much do homes in Palos Hills, IL cost?
Median Sold Price
$260,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palos Hills was $260,000 in May 2024, up 23.8% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $99.9K | $127.2K | +27.3% |
2 Bedrooms | $185K | $214.9K | +16.2% |
3 Bedrooms | $289.9K | $330K | +13.8% |
4 Bedrooms | $404.9K | $438K | +8.2% |
5+ Bedrooms | $523K | $460K | -12.0% |
Summary: Palos Hills housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.3%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes decreased by 12%.
Median Sold Price Compared To Nearby Cities
Worth | $200K | $252.5K | +26.3% |
Palos Hills | $210K | $260K | +23.8% |
Palos Township | $260K | $320.1K | +23.1% |
Hickory Hills | $265K | $316K | +19.2% |
Chicago Ridge | $170K | $190K | +11.8% |
Housing Supply in Palos Hills, IL
How many homes are available in Palos Hills, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
67 | 74 | +10.4% |
Summary: The Palos Hills real estate market had 74 homes for sale in May 2024, a 10.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 5 | +150.0% |
2 Bedrooms | 26 | 25 | -3.8% |
3 Bedrooms | 24 | 27 | +12.5% |
4 Bedrooms | 12 | 13 | +8.3% |
5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Palos Hills housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
19 | 22 | +15.8% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in Palos Hills in May 2024, up by 15.8% month-over-month. Of the 22 sold homes, 41% were sold under asking, 14% were sold at asking, and 45% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 22 Days | +60.9% |
Summary: Homes in Palos Hills had an average of 22 days on market in May 2024, up by 60.9% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 22 homes were sold in Palos Hills; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.