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 May 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

$260,000

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$50,000(+23.8%)

Key Takeaway

Homes in Palos Hills have sold for 23.8% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $99.9K$127.2K
+27.3%
2 $185K$214.9K
+16.2%
3 $289.9K$330K
+13.8%
4 $404.9K$438K
+8.2%
5+ $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
+26.3%
Palos Hills
+23.8%
Palos Township
+23.1%
Hickory Hills
+19.2%
Chicago Ridge
+11.8%

Housing Supply in Palos Hills, IL

How many homes are available in Palos Hills, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6774+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

# BEDSApr 2024May 2024CHANGE
1 25
+150.0%
2 2625
-3.8%
3 2427
+12.5%
4 1213
+8.3%
5+ 34
+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 2024May 2024CHANGE
1922+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Hills, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.

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 2023May 2024CHANGE
13 Days22 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

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 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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