Graphic of Park Ridge real estate market update

Park Ridge is a great community with beautiful homes, parks and schools, and convenient to all areas of Chicago and O'Hare.  

Looking at the latest statistics available from MRED, our local multiple listing service, here is what happened in residential real estate in Park Ridge, comparing the first 11 months of 2017 with the same period in 2016.

Detached Single Family Homes:  The median sale price for detached single family homes rose 6.6%, from $422,000 in 2016 to $450,000 in 2017. Closed sales were up by 2.7%, aided by the 9.8% increase in new listings for 2017. It took an average of 103 days to sell a home last year, unchanged from the previous year.

Attached Single Family Homes:  In contrast to detached homes, all numbers were down for single family attached homes.  There were only 49 condos and townhomes available for sale at the end of November, 2017. New Listings were down 14.4%, closed sales were down 26.3%, and the median sale price slipped from $253,750 in 2016 to $205,000 in 2017. It took an average of 92 days from listing to closed sale, relatively unchanged from the previous year. Often these kinds of numbers result from a combination of low inventory and the availability of new or newly renovated condo/townhome developments.