Is Palos Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Palos Township has remained a Seller's Market.
Housing Prices in Palos Township, IL
How much do homes in Palos Township, IL cost?
Median Sold Price
$320,125
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palos Township was $320,125 in May 2024, up 23.1% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $99.9K | $126K | +26.1% |
2 Bedrooms | $195K | $219.4K | +12.5% |
3 Bedrooms | $300K | $345K | +15.0% |
4 Bedrooms | $440K | $441K | 0.2% |
5+ Bedrooms | $600K | $600K | 0.0% |
Summary: Palos Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.1%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 0.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Worth | $200K | $252.5K | +26.3% |
Palos Hills | $210K | $260K | +23.8% |
Palos Township | $260K | $320.1K | +23.1% |
Hickory Hills | $265K | $316K | +19.2% |
Palos Park | $460K | $430K | -6.5% |
Housing Supply in Palos Township, IL
How many homes are available in Palos Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
187 | 204 | +9.1% |
Summary: The Palos Township real estate market had 204 homes for sale in May 2024, a 9.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 9 | +50.0% |
2 Bedrooms | 52 | 52 | 0.0% |
3 Bedrooms | 72 | 72 | 0.0% |
4 Bedrooms | 42 | 49 | +16.7% |
5+ Bedrooms | 15 | 22 | +46.7% |
Summary: The Palos Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 46.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
53 | 51 | -3.8% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 51 homes were sold or pending in Palos Township in May 2024, down by 3.8% month-over-month. Of the 51 sold homes, 37% were sold under asking, 10% were sold at asking, and 53% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
19 Days | 23 Days | +21.9% |
Summary: Homes in Palos Township had an average of 23 days on market in May 2024, up by 21.9% compared to last year.
Breakdown of Home Sale Times
43 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 51 homes were sold in Palos Township; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.