Real Estate Trends
Oak Park Real Estate Trends
|Oak Park||May 2021||May 2020||% Change||2021 YTD||2020 YTD||% Chg|
|Median List Price||$809,000||$799,000||1.3%||$940,000||$752,250||25.0%|
|Median Sale Price||$828,000||$480,000||72.5%||$825,000||$780,000||5.8%|
|Days to Sell *||14||62||-77.4%||31||44||-29.5%|
|Absorption Rate **||1.1||3.22||-65.8%||1.1||2.59||-57.5%|
* Days to Sell & ** Absorption Rates – a lower number is better and will show a negative percentage when in fact it’s an improvement in both categories. The statistics are for combined Single Family & Condominium properties in each area.
HOVER OVER ANY GRAPH TO SEE THE SPECIFIC FIGURES FOR EACH MONTH.
New Listings displayed above are included in the total Active Listings count.
The Median List Price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. The median list price is a more realistic view of the market. Average List Price will almost always be higher.
In Escrow figures reflect those homes placed under contract in the current month as well as those homes that may have sold in previous months that remain in escrow. Closed Sales are homes that were recorded as sold in the current month.
The Median Sales Price is the price in the very middle of a data set, with exactly half of the houses selling for less and half selling for more. The median sale price is a more realistic view of the market. Average Sale Price will almost always be higher.
Sales Volume represents the total combined dollar volume of all sales for each period in the graph.
Market Time will vary depending on the price of the property. Homes below the median price range for an area tend to sell faster than homes above the median price range. The above graph displays the average market time for all homes selling in this area. Market times can vary quite a bit in any market due to supply & demand.
The Absorption Rate is a measurement of the strength of any real estate market. Using the current sales rate of homes we can see how many months of inventory we have presently. Under 4 months is considered a Seller’s Market. A Balanced Market would be a 4-6 month inventory. More than 6 months is considered a Buyer’s Market. Different price ranges can have different absorption rates. This graph combines all price ranges into one.