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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Park is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Palos Park was a Seller's Market.

Key Takeaway

Palos Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Palos Park, IL

How much do homes in Palos Park, IL cost?

Median Sold Price

$488,500

$198/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$53,500(+12.3%)

Key Takeaway

Homes in Palos Park have sold for 12.3% more than they did a year ago.

Summary: The median home sold price in Palos Park was $488,500 in November 2024, up 12.3% from last year, and the median price per square foot was $198.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$230K
N/A
2 $253.5K$265.5K
+4.7%
3 $422.5K$400K
-5.3%
4 $600K$600K
0.0%
5+ $825K$787.5K
-4.5%

Summary: Palos Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.7%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 4.5%.

Median Sold Price Compared To Nearby Cities

Palos Hills
+25.2%
Palos Township
+16.2%
Palos Park
+12.3%
Palos Heights
+6.1%
Orland Park
+4.6%

Housing Supply in Palos Park, IL

How many homes are available in Palos Park, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
5152+2.0%

Summary: The Palos Park real estate market had 52 homes for sale in November 2024, a 2.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 23
+50.0%
3 1515
0.0%
4 2022
+10.0%
5+ 1210
-16.7%

Summary: The Palos Park 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 increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
880.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Park, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Palos Park in November 2024, the same as the previous month. Of the 8 sold homes, 63% were sold under asking, 13% were sold at asking, and 25% were sold over asking.

Days on Market for Palos Park, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
25 Days31 Days+21.7%

Summary: Homes in Palos Park had an average of 31 days on market in Nov 2024, up by 21.7% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 8 homes were sold in Palos Park; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 2 Days Ago

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