Year over year, house prices declined in both Orland Park and Tinley Park. 

However, critically low housing inventory levels and low mortgage interest rates are keeping the market moving, making both towns an extreme SELLER’S MARKET right now! 

Here is a quick recap of the some JUNE 2020 market stats for both towns: 

Tinley Park, IL Housing Market Update

Median sales prices for the month of June dropped 4.76% year over year, coming in at $320,000 (from $336,000 in 2019). 

The median number of showings it took to receive a contract was up 55.56% year over year, increasing from 9 showings in JUNE 2019 to 14 showings in JUNE 2020. 

The amount of housing inventory available is at critically low levels in Tinley Park at 2 months supply in JUNE 2020. Just to give you some perspective on what this really means, ZERO to FIVE months supply is considered a SELLER’S MARKET, the closer to ZERO the number goes, the more the market favors SELLERs.

Orland Park, IL Housing Market Update 

Median sales prices for JUNE 2020 compared with JUNE 2019 was down .72%, declining from $277,000 to $275,000. 

The median number of showings it took to receive a contract was up 14.29% year over year, increasing from 14 showings in JUNE 2019 to 16 showings in JUNE of 2020. 

The amount of housing inventory available is also at critically low levels in Orland Park, declining to 1.9 months. Just to give you some perspective on what this really means, ZERO to FIVE months supply is considered a SELLER’S MARKET, the closer to ZERO the number goes, the more the market favors SELLERs.

Click to read my entire (FREE) JUNE 2020 Southwest Suburban Real Estate Report. 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.