Park Ridge Housing Market Trends
The Park Ridge housing market has observed a mix of trends that make it a somewhat competitive market. The dynamics of this market have evolved, reflecting both positive and negative shifts over the past year.
Market Trends and Performance
- Demand and Supply Dynamics: Homes in Park Ridge are receiving an average of 3 offers, illustrating a moderate level of competition. They sell in around 58 days, compared to 66 days last year, showing a decreased pace in the market.
- Selling Time: On average, homes in Park Ridge sell in about 58 days, with hot properties going pending in approximately 36 days. This shows that some properties are experiencing a higher demand, attracting buyers ready to make quicker decisions.
- Pricing Trends: The median sale price of a home in Park Ridge was $540K last month, down 13.8% since last year. However, the median sale price per square foot stands at $257, down by 4.1% over the same period.
- Price Negotiation: While average homes sell for around the list price, hot homes can sell for about 2% above the list price, emphasizing the varied nature of the market.
Park Ridge Migration & Relocation Trends
Park Ridge's relocation patterns provide fascinating insights:
- Local Moves: A significant 84% of Park Ridge homebuyers are choosing to stay within the metropolitan area, possibly indicating satisfaction with the local lifestyle and community offerings.
- Outbound Relocation: 16% have searched to move out of Park Ridge, with Milwaukee, Cape Coral, and Miami being popular destinations. This may reflect a desire for different opportunities or preferences outside Park Ridge.
- Inbound Relocation: Nationally, 4% of homebuyers are looking to move into Park Ridge from outside metros. Denver, Rockford, and Peoria residents are particularly keen on relocating to Park Ridge, possibly reflecting the area's appeal to a broader audience.
The Park Ridge housing market presents a nuanced picture with its blend of trends. Though showing some signs of a slowdown, the market still offers pockets of competition and growth. The local, inbound, and outbound relocations further paint a picture of a dynamic community with diverse appeal.
For investors, homebuyers, or those considering relocation, understanding these trends could offer vital insights into the market's future direction. Park Ridge continues to be an intriguing option for various real estate needs and preferences.
