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July 25, 2024

Highland Park, IL - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Recently, Highland Park, IL, saw a big increase in real estate activity and prices. Home prices went up 18.7% since last year, as of June 2024. This shows how much people want to live in the area and how strong the housing market is¹. The median sale price for homes has risen to $659,000. This is a big jump from the past¹.

Homes in Highland Park are selling faster than before. Now, they sell in about 39 days, which is quicker than last year's 54 days. This means the market is becoming more competitive and fast-moving¹. Also, more homes were sold in June 2024, with sales rising to 51 from 41 the year before. This increase shows how healthy and active the market is¹. Redfin's research, based on MLS and public records, points out that Highland Park is an attractive area for both buyers and investors¹.

Key Takeaways

Highland Park housing market trends show a year-over-year home price increase of 18.7% as of June 2024¹.
The median sale price of homes in Highland Park is $659,000¹.
Properties typically sell after 39 days on the market, down from 54 days the previous year¹.
The number of homes sold in June 2024 increased to 51, compared to 41 the previous year¹.
Highland Park remains a competitive and vibrant real estate market based on insights from Redfin¹.

Current Housing Market Conditions in Highland Park, IL

The real estate scene in Highland Park is thriving, showing a lot of action and growth over the last year. This section takes a close look at what's happening now, including home prices and how long homes stay on the market. It's full of info for people looking to buy or sell.

Market Status

Right now, Highland Park is really a place for sellers. The latest figures from July 2024 show a 2.62-month absorption rate. This means it's good for sellers¹. Even though there were 51 new homes up for sale in June 2024, only 37 were sold. This left more houses sitting waiting for buyers¹. Interestingly, 76.7% of houses listed in June 2024 didn't sell. They either stayed on the market or were taken off¹.

Median Home Prices

House prices in Highland Park are going up. From June 2023 to June 2024, home values went up by 10.76%¹. The median sale price is now $680,000, or $267 for each square foot. That's a rise of 10.9% from the year before². This shows that many people want to buy in the area, pushing prices up.

Selling Timeframes

Even though the market is hot, houses are taking a bit longer to sell. They're listed for about 64 days now. This is a bit slower than before but still quick¹. This is 15.6% longer than in June 2023 but the market is still bustling with activity².

Looking at the real estate in Highland Park shows a market that's moving and changing. With the median selling prices going up and more homes available, it's an important time for both buyers and sellers. They should keep an eye on these trends to make the best choices.

Price Trends Over the Past Year in Highland Park, IL

Last year, home prices in Highland Park went up and down in different ways. This change depended on the kind of home and where it was. There were many reasons for these major changes in price trends.

Price Increases by Home Type

For one-bedroom homes in Highland Park, prices jumped by 26.7%, reaching $209,000³. But two-bedroom homes had a small 3.4% dip in their prices. Meanwhile, three-bedroom homes saw prices go up by 5.7%, and four-bedroom homes enjoyed a 4.1% increase. The biggest jump was for homes with five or more bedrooms, which went up by 20.2%³. These shifts in prices for different types of homes offer a peek into the real estate scene in Highland Park.

Comparing Nearby City Prices

When we compare real estate prices, it's important to look at nearby cities too. Highland Park did better than Moraine Township by 10.9% and Deerfield by 4.8%³. These differences show Highland Park's strong spot in the market. With its home prices steadily growing. Understanding these price comparisons helps buyers and investors see why Highland Park is an appealing choice.

Is Highland Park, IL a Buyer’s or Seller’s Mill?

Highland Park, IL, is mainly a seller's turf. Many homes go for more than what's asked. With prices between $339,999 to $4,550,000, there’s something for everyone⁴.

Market Dynamics

The market here is varied and strong. You'll find 54 properties ranging from cozy first homes under $400,000 to grand lakeside estates over $5 million⁴. It’s a hit thanks to its culture, parks, and quick rides to Chicago⁴.

Impact on Buyers

It’s tough for buyers. Expect heavy competition, with many homes getting more offers than listed. Fast decisions and bold offers might be needed. With so many kinds of homes, everyone wants a piece⁴.

Impact on Sellers

Sellers are in a good spot. Fast sales and high prices are normal. The area’s schools, amenities, and educated community boost home values. Different neighborhoods appeal to various buyers, keeping the market lively⁵.

Home Types and Their Market Performance in Highland Park, IL

In Highland Park, home types have different successes in the real estate market. The number of bedrooms and the home's size play big roles in this.

Performance by Number of Bedrooms

Larger homes with more bedrooms see bigger price growth. This trend shows buyers want more space. In June 2024, the median listing price was $680,000 for Highland Park homes⁶. Plus, listings went up by 5.3% from May to June 2024⁶.

Performance by Home Size

Bigger homes in Highland Park often sell for more. This matches a country-wide trend towards bigger living spaces. Homes there averaged 29 days on the market in June 2024, showing strong demand⁶. Buyers can choose from single-family homes, condos, townhomes, lands, and new constructions⁷.

Average Days on Market in Highland Park, IL

In Highland Park, IL, homes now take about 29 days to sell as of June 2024³. This is a bit longer than before, showing homes take a little more time to sell³. Even so, 39 homes were sold in under 30 days, proving that homes priced right and looking good sell fast³.

If you're thinking of buying or selling in Highland Park, you need to know this. Even though homes might stay on the market longer, many still sell quickly. This shows there's a strong interest in homes that are priced well.

To wrap it up, watching the average days homes are on the market helps us understand the real estate scene in Highland Park. If you want to sell your home quickly, price it right and make it look its best. This matches what's happening in Highland Park now and leads to success.

Number of Homes Sold in Recent Months in Highland Park, IL

The Highland Park sales volume has changed a lot recently. It shows that the market there is really active. The detailed monthly sales analysis proves that Highland Park’s real estate market is doing well.

Monthly Sales Analysis

In June 2024, Highland Park saw a 9.5% rise in homes sold compared to May 2024. A total of 46 homes were sold, showing a strong market. The homes sold varied in price, from $450,000 at 1097 Sandwick Ct to $1,827,500 at 1865 Midland Ave⁸. This shows the wide range of the real estate market in Highland Park, IL.

Sold Vs. Asking Prices

A closer look at the selling prices versus the listing prices reveals important details. Nearly half of the homes sold for more than their listing price. For example, a home at 429 Groveland Ave sold for $1,180,000 and another at 294 N Deere Park Drive Dr W for $1,300,000. This indicates that sellers had strong negotiation power⁸.

However, 15 homes in June sold for less than the asking price. Meanwhile, 9 homes sold for exactly what was asked. This shows the variety in buyer preferences and market dynamics.

The Highland Park sales data shows strong market activity. It also shows how competitive the area is for selling prices compared to listings.

Factors Influencing the Highland Park Real Estate Market

The real estate scene in Highland Park is impacted by several things. Economic realities, demographic shifts, and the local amenities available play a big role.

Economic Factors

The financial side of things has a big say in how the housing market fares in Highland Park. Upcoming projects worth $16 million aim to better the local infrastructure. This includes a $7 million budget for water and sewer upgrades. Another $6 million is planned for other infrastructure enhancements⁹. Jobs and business growth in the area also have a lot to say about housing needs and costs. They are big players in how the housing market moves.

Demographic Changes

Who lives in Highland Park and any changes in this aspect affect the real estate market greatly. With homes averaging incomes of $150,269, it's a magnet for those looking for a finer lifestyle¹⁰. This demographic tug pulls in families wanting good schools and safe areas for their kids. Additionally, the city's need to fund public safety pensions, which are quite large, also influences this⁹.

Local Amenities and Schools

The perks of living in Highland Park, especially its amenities and schools, are a big deal. In 2019, $2 million was earmarked for community and safety boosts, with another $1 million for upgrading facilities⁹. Having access to great parks, activities, and top-notch schools makes homes here more appealing. This draws both current and potential residents.

In short, the Highland Park real estate market feels the impact of many different factors such as economic, demographic, and the value of amenities. All these factors together shape the market. They influence how much people want to buy properties and how much they're willing to pay for them.

Tips for Buyers and Sellers in Highland Park, IL

Highland Park's real estate is booming. Both buyers and sellers must have good strategies to win. The average home price is around $500,000¹¹. But, you'll find homes selling for as much as $1.5 million or more¹¹. Knowing how to deal with this is key.

Advice for Home Buyers

For newcomers to the market, some essential buying tips include being financially ready and acting fast. The competition is fierce, so buyers should:

Get mortgage pre-approval to make a quick offer on a dream home.
Think about offering more than the asking price for homes in in-demand areas like Braeside and Ravinia⁵.
Find a real estate agent who knows the best areas, like Hybernia/Sherwood Forest and Highlands/Centennial Park⁵.

Advice for Home Sellers

To sell a home successfully in Highland Park, focus on pricing it right and making it look great. Sellers should:

Set a competitive price, considering the city's average home prices are around $500,000¹¹.
Boost curb appeal and maybe do some minor updates to draw buyers in.
Use professional stagers and photographers to showcase their home beautifully.

Knowing the economic and social landscape is also crucial. A large portion of Highland Park's adults are highly educated, 76.40% have a college or advanced degree. And, 22.32% of people work from home. Highlighting features like spacious home offices and nearby top schools can attract buyers⁵.

Both buyers and sellers must work with real estate experts and create a smart plan. With a solid median income and a diverse community, including 10.09% Hispanic or Latino, it's important to tailor your approach¹¹ ⁵.

Highland Park Real Estate: A Thriving Market for Sellers

The real estate scene in Highland Park is buzzing. It boasts a mix of single-family homes, townhouses, condos, and newly built properties. For instance, a house on Crofton Ave is tagged at $1,350,000. Similarly, a townhouse on Mulberry Pl Apt C is available for $365,000¹². Buyers are interested in homes with price drops, open-house events, and virtual tours¹². Also, there's a foreclosed house on Winona Rd listed for $860,000, appealing to investors¹².

The current situation leans towards sellers. On average, homes are selling within 64 days. With 97 homes up for grabs and an absorption rate hinting at 2.62 months' worth of listings, things are moving fast¹. Prices have jumped by 10.76% compared to last year as of June 2024¹.

Last month saw 314 homes sold and 51 fresh listings. Even though homes average 3,410 square feet and come with hefty taxes of $20,026, the demand remains strong¹. The area is even more appealing thanks to top-notch schools like Kipling, Wayne Thomas, and Braeside Elementary Schools. They all boast high ratings from GreatSchools¹².

For those digging deeper into Highland Park's real estate, visiting Realtor.com is a great start. It shows that 76.7% of homes didn't sell in June 2024, hinting at a potential market change¹. Yet, new listings keep the market lively, ensuring opportunities for both buyers and sellers.

Conclusion

The Highland Park real estate market is strong with many types of homes. You can find historic estates, modern houses, and luxurious condos¹³.

Home prices are on the rise, and properties sell in about 42 days. This shows it's a competitive market, often better for those selling¹⁴.

What makes Highland Park special is its mix of home designs. You'll see everything from Tudor to contemporary styles. This, along with great home features, makes it very popular¹³.

If you're thinking about making Highland Park your new home, it's important to know the market well. This includes understanding how the economy and population trends affect homes. Look at the Highland Park real estate outlook to learn more¹⁵. Getting advice from experts is key because the real estate market here is complex.

FAQ

What are the current housing market conditions in Highland Park, IL?

The real estate market in Highland Park, IL, is strong with home prices up 18.7% from last year. By June 2024, the median sale price hit $659,000. Homes are selling within 39 days on the market.

How have median home prices changed in Highland Park, IL over the past year?

Last year, the median sale price in Highland Park rose to $680,000. This is a 10.9% increase from the previous year. It shows that the demand is high, and sellers are in a good position.

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

Right now, Highland Park, IL, favors sellers. Almost half of the homes sold are going for more than their asking price. This means buyers are competing fiercely for homes.

How does the performance of homes vary by the number of bedrooms in Highland Park?

One-bedroom houses have jumped in price by 26.7%, reaching $209K. Two-bedrooms dropped a little by 3.4%. Three-bedrooms increased by 5.7%, and four-bedrooms went up by 4.1%. Homes with five or more bedrooms saw a big jump of 20.2%.

What are the average days on the market for homes in Highland Park?

In June 2024, homes in Highland Park stayed on the market for about 29 days on average. This is a bit longer than before. Still, 39 homes sold in less than 30 days. This shows buyers are actively looking for the right home.

How has the number of homes sold in Highland Park changed in recent months?

In June 2024, home sales in Highland Park were up by 9.5% from May. There were 46 homes sold in June. Nearly half sold for more than the asking price.

What factors influence the real estate market in Highland Park, IL?

The real estate market in Highland Park is shaped by the economy, demographic changes, and great amenities. Things like jobs and new businesses are also important. Parks and top schools attract buyers too.

What advice is there for home buyers in Highland Park, IL?

Buyers in Highland Park need to act fast and might have to pay more than the list price. Getting advice from real estate experts is a smart move in this competitive market.

What strategies should sellers in Highland Park, IL consider?

Sellers should set fair prices and make sure their homes look their best. Working with real estate pros can help sell their homes quickly and for a good price.