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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Park Forest is a buyer's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Park Forest is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Park Forest, IL

How much do homes in Park Forest, IL cost?

Median Sold Price

$145,062

$116/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$2,562(+1.8%)

Key Takeaway

Homes in Park Forest have sold for 1.8% more than they did a year ago.

Summary: The median home sold price in Park Forest was $145,062 in November 2024, up 1.8% from last year, and the median price per square foot was $116.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$45K
N/A
2 $110K$120K
+9.1%
3 $149.8K$150K
0.1%
4 $181K$185K
+2.2%
5+ $180K$219K
+21.7%

Summary: Park Forest 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 9.1%, 3 bedroom homes increased by 0.1%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 21.7%.

Median Sold Price Compared To Nearby Cities

Monee Township
+12.4%
Olympia Fields
+7.5%
University Park
+5.4%
Park Forest
+1.8%
Richton Park
-2.5%

Housing Supply in Park Forest, IL

How many homes are available in Park Forest, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
164174+6.1%

Summary: The Park Forest real estate market had 174 homes for sale in November 2024, a 6.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 01
+100.0%
2 2925
-13.8%
3 8893
+5.7%
4 3947
+20.5%
5+ 88
0.0%

Summary: The Park Forest housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 13.8%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 20.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3219-40.6%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Forest, you may be able to get a good deal. 52.6% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Park Forest in November 2024, down by 40.6% month-over-month. Of the 19 sold homes, 53% were sold under asking, 16% were sold at asking, and 32% were sold over asking.

Days on Market for Park Forest, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
29 Days41 Days+40.3%

Summary: Homes in Park Forest had an average of 41 days on market in Nov 2024, up by 40.3% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 19 homes were sold in Park Forest; 63% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 21% 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 22 Days Ago

Newest Listings in Park Forest, IL

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