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 October 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

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$58,466(+26.6%)

Key Takeaway

Homes in Palos Hills have sold for 26.6% more than they did a year ago.

Summary: The median home sold price in Palos Hills was $278,466 in October 2024, up 26.6% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $105.1K$135K
+28.4%
2 $189.9K$220K
+15.8%
3 $300K$342.5K
+14.2%
4 $399.9K$425.5K
+6.4%
5+ $400K$577.5K
+44.4%

Summary: Palos Hills housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.4%, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 44.4%.

Median Sold Price Compared To Nearby Cities

Chicago Ridge
+30.2%
Palos Hills
+26.6%
Palos Township
+20.2%
Worth
+16.7%
Hickory Hills
+13.5%

Housing Supply in Palos Hills, IL

How many homes are available in Palos Hills, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7390+23.3%

Summary: The Palos Hills real estate market had 90 homes for sale in October 2024, a 23.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 65
-16.7%
2 2931
+6.9%
3 2531
+24.0%
4 914
+55.6%
5+ 49
+125.0%

Summary: The Palos Hills housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 24%, 4 bedroom homes increased by 55.6%, and 5+ bedroom homes increased by 125%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1827+50.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 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. 59.3% of homes here sold below asking price last month.

Summary: A total of 27 homes were sold or pending in Palos Hills in October 2024, up by 50.0% month-over-month. Of the 27 sold homes, 59% were sold under asking, 15% were sold at asking, and 26% 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

Oct 2023Oct 2024CHANGE
15 Days26 Days+67.1%

Summary: Homes in Palos Hills had an average of 26 days on market in Oct 2024, up by 67.1% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

9 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 October 2024, 27 homes were sold in Palos Hills; 63% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 4% 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 16 Days Ago

Newest Listings in Palos Hills, IL

Nearby Markets to Palos Hills, IL

What housing markets are near Palos Hills, IL?