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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Township is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Palos Township, IL

How much do homes in Palos Township, IL cost?

Median Sold Price

$321,800

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$44,800(+16.2%)

Key Takeaway

Homes in Palos Township have sold for 16.2% more than they did a year ago.

Summary: The median home sold price in Palos Township was $321,800 in November 2024, up 16.2% from last year, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $106.1K$135K
+27.2%
2 $205K$228K
+11.2%
3 $326.5K$345K
+5.7%
4 $422.5K$467.2K
+10.6%
5+ $603K$633K
+5.0%

Summary: Palos Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.2%, 2 bedroom homes increased by 11.2%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 5%.

Median Sold Price Compared To Nearby Cities

Palos Hills
+25.2%
Palos Township
+16.2%
Palos Park
+12.3%
Worth
+12.3%
Hickory Hills
+7.0%

Housing Supply in Palos Township, IL

How many homes are available in Palos Township, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
215217+0.9%

Summary: The Palos Township real estate market had 217 homes for sale in November 2024, a 0.9% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 86
-25.0%
2 5959
0.0%
3 8076
-5.0%
4 4653
+15.2%
5+ 2223
+4.5%

Summary: The Palos Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 5%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 4.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
5643-23.2%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Township, you may be able to get a good deal. 51.2% of homes here sold below asking price last month.

Summary: A total of 43 homes were sold or pending in Palos Township in November 2024, down by 23.2% month-over-month. Of the 43 sold homes, 51% were sold under asking, 14% were sold at asking, and 35% were sold over asking.

Days on Market for Palos Township, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
21 Days38 Days+79.5%

Summary: Homes in Palos Township had an average of 38 days on market in Nov 2024, up by 79.5% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 43 homes were sold in Palos Township; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 7% 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 20 Days Ago

Newest Listings in Palos Township, IL

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What housing markets are near Palos Township, IL?