Is Oak Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Oak Park has remained a Seller's Market.
Housing Prices in Oak Park, IL
How much do homes in Oak Park, IL cost?
Median Sold Price
$384,125
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Oak Park was $384,125 in April 2024, down 1.6% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $144K | +6.7% |
2 Bedrooms | $225K | $226K | 0.4% |
3 Bedrooms | $445.2K | $480.6K | +7.9% |
4 Bedrooms | $600K | $590K | -1.7% |
5+ Bedrooms | $675K | $677K | 0.3% |
Summary: Oak Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes increased by 0.3%.
Median Sold Price Compared To Nearby Cities
Berwyn | $296K | $324.9K | +9.8% |
Berwyn Township | $296.3K | $324.9K | +9.7% |
Chicago | $341.7K | $349K | +2.1% |
Oak Park | $390.4K | $384.1K | -1.6% |
Oak Park Township | $390.8K | $383.6K | -1.8% |
Housing Supply in Oak Park, IL
How many homes are available in Oak Park, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
208 | 224 | +7.7% |
Summary: The Oak Park real estate market had 224 homes for sale in April 2024, a 7.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 29 | 22 | -24.1% |
2 Bedrooms | 40 | 47 | +17.5% |
3 Bedrooms | 67 | 68 | +1.5% |
4 Bedrooms | 42 | 51 | +21.4% |
5+ Bedrooms | 30 | 36 | +20.0% |
Summary: The Oak Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 24.1%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
65 | 55 | -15.4% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Oak Park in April 2024, down by 15.4% month-over-month. Of the 55 sold homes, 36% were sold under asking, 9% were sold at asking, and 55% were sold over asking.
Days on Market for Oak Park, IL
How long does it take to sell a home in Oak Park, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
30 Days | 22 Days | -26.3% |
Summary: Homes in Oak Park had an average of 22 days on market in Apr 2024, down by 26.3% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 55 homes were sold in Oak Park; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.