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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Park Ridge is a seller's market

Buyer's
Market

Difference Since December 2023

Since last year, Park Ridge has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Park Ridge, IL

How much do homes in Park Ridge, IL cost?

Median Sold Price

$540,666

$279/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$31,724(+6.2%)

Key Takeaway

Homes in Park Ridge have sold for 6.2% more than they did a year ago.

Summary: The median home sold price in Park Ridge was $540,666 in December 2024, up 6.2% from last year, and the median price per square foot was $279.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $149K$175K
+17.4%
2 $315K$331.2K
+5.1%
3 $480K$522.5K
+8.9%
4 $688.8K$750K
+8.9%
5+ $900K$932.5K
+3.6%

Summary: Park Ridge housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.4%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 3.6%.

Median Sold Price Compared To Nearby Cities

Maine Township
+11.0%
Des Plaines
+9.5%
Niles
+8.9%
Park Ridge
+6.2%
Norwood Park Township
+2.6%

Housing Supply in Park Ridge, IL

How many homes are available in Park Ridge, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
10799-7.5%

Summary: The Park Ridge real estate market had 99 homes for sale in December 2024, a 7.5% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 68
+33.3%
2 1817
-5.6%
3 4337
-14.0%
4 3129
-6.5%
5+ 98
-11.1%

Summary: The Park Ridge housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes decreased by 14%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes decreased by 11.1%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
2931+6.9%

Asking Price vs. Sold Price

25 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer81%13%6%

Key Takeaway

If you're buying a home in Park Ridge, you may be able to get a good deal. 80.6% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in Park Ridge in December 2024, up by 6.9% month-over-month. Of the 31 sold homes, 81% were sold under asking, 6% were sold at asking, and 13% were sold over asking.

Days on Market for Park Ridge, IL

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

Average Sale Time

Dec 2023Dec 2024CHANGE
26 Days33 Days+23.7%

Summary: Homes in Park Ridge had an average of 33 days on market in Dec 2024, up by 23.7% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times61%32%6%

Key Takeaway

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

Summary: During December 2024, 31 homes were sold in Park Ridge; 61% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 6% 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 8 Days Ago

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