Urbanization has resulted in a high rise in the use of vehicles, thus increasing parking problems like extended search times, fuel consumption, traffic congestion, and user frustration. To counter these problems, this paper introduces ParkSense, an IoT-based smart parking system that combines hardware and software elements for real-time parking space monitoring and management. It uses NodeMCU microcontrollers and IR sensors for car presence detection and an LCD display for real-time on-site updates. It has connectivity with ThingSpeak cloud to provide remote data access and visualization. The frontend is built with the MERN stack (MongoDB, Express, React, Node.js), and the Tailwind CSS provides a user-friendly and responsive interface on devices. ParkSense functionalities include real-time slot monitoring, access to historical data, administrative dashboards, and secure online payments. The system has proven to be highly efficient, reliable, scalable, and easy to use during testing and implementation. It saves considerable parking search time and fuel consumption, thus helping to create a more sustainable city environment. Future developments involve AI-based predictive analytics, dynamic pricing, personalized recommendations, and integration with EV charging stations.