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 neutral's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

Park Forest 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 Park Forest, IL

How much do homes in Park Forest, IL cost?

Median Sold Price

$145,000

$115/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,012(+2.1%)

Key Takeaway

Homes in Park Forest have sold for 2.1% more than they did a year ago.

Summary: The median home sold price in Park Forest was $145,000 in October 2024, up 2.1% from last year, and the median price per square foot was $115.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$45K
N/A
2 $110K$122K
+10.9%
3 $149.7K$150K
0.2%
4 $175.5K$182.5K
+4.0%
5+ $210.4K$175K
-16.8%

Summary: Park Forest housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 0.2%, 4 bedroom homes increased by 4%, and 5+ bedroom homes decreased by 16.8%.

Median Sold Price Compared To Nearby Cities

Monee Township
+11.7%
Olympia Fields
+9.8%
University Park
+5.4%
Park Forest
+2.1%
Richton Park
-5.1%

Housing Supply in Park Forest, IL

How many homes are available in Park Forest, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
146186+27.4%

Summary: The Park Forest real estate market had 186 homes for sale in October 2024, a 27.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2729
+7.4%
3 81105
+29.6%
4 3344
+33.3%
5+ 58
+60.0%

Summary: The Park Forest housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 29.6%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 60%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2129+38.1%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Park Forest, you could pay more than the asking price. 51.7% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in Park Forest in October 2024, up by 38.1% month-over-month. Of the 29 sold homes, 31% were sold under asking, 17% were sold at asking, and 52% 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

Oct 2023Oct 2024CHANGE
38 Days28 Days-27.4%

Summary: Homes in Park Forest had an average of 28 days on market in Oct 2024, down by 27.4% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

0 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 October 2024, 29 homes were sold in Park Forest; 62% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% 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 Park Forest, IL

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