Forest Park IL Real Estate Market Report: January 2015

13 homes sold in Forest Park IL

There were 7 condos, 1 multi-family building, and 5 single family homes reported as sold within the last month in Forest Park IL.

The average price for the sold condos was $63,900, and the average selling price for the single family homes was $273,000. The multi-family property sold for $348,000.

The average time on the market for the single family homes was 46 days.

Because these statistics are for only one month and for all of Forest Park, it may not tell you what is possible for a specific home.

These are just the general market statistics of what happened last month in Forest Park IL real estate.

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Least expensive home reported sold in Forest Park IL

The least expensive home reported sold this past month in Forest Park was a 4 bedroom, 2 bath brick Georgian home on the 1400 block of Elgin Ave. The photos & description show it to be in dated condition with updating required throughout. It sold for $110,000 with an asking price of $139,900 in just 13 days on the market.

Most expensive home reported sold in Forest Park IL

The most expensive home reported sold this past month in Forest Park was a new construction 4 bedroom, 3 full & 1 half bath home on a 31 x 140 foot lot in the 100 block of Rockford Ave. It sold for $518,000 after being on the market for 4 days with an asking price of $524,900.

Per the MLS, it had hardwood floors in the main living areas, an open concept first floor with a custom kitchen, and a finished basement. All this in walking distance to downtown Forest Park, River Forest & transportation.

Sold Deal Of The Month in Forest Park IL

In my opinion, the best deal of the homes sold this past month was a 4BR, 2BA single family home in the 500 block of Elgin Ave, that sold for $203,500 (asking price $249,900). It was a foreclosure in need of updates throughout, but these buyers got a great deal in a fantastic location.

Foreclosures & Short Sales in Forest Park IL

1 of the homes sold this past month in Forest Park were short sales and 5 were foreclosures.

Today there are 5 foreclosed homes for sale in River Forest IL and 10 homes listed as a short sale in Forest Park IL.

Inventory & Absorption Rate in Forest Park IL

Today there are 23 single family homes for sale in Forest Park IL. If homes in Forest Park continue to sell at the same pace and no more homes hit the market, it will take 4 months to sell all the available homes based on this most recent month of activity. This statistic is for all homes in Forest Park and based only on this month’s activity. Most people consider a housing market healthy if there is around 6 months’ supply of inventory.

New Listings in Forest Park IL

There were 22 new condos, 1 vacant lot, 2 multi-family properties, and 12 new single family listings to hit the MLS this month in Forest Park IL, and 5 of these listings have already gone under contract.

This Month’s Hot New Listing in Forest Park IL

The best deal in my opinion of this month’s new listings is a collection of new construction townhomes at The Grove, just north of I-290 and west of Des Plaines Ave. They range from 1700-1900 sq ft and each have 2 bedrooms, 2.5 baths. Their prices range from $349,900-389,900. Pics & details here!

Looking Forward...

11 condos, 3 multi-family properties, and 7 single family homes were reported as going Under Contract (contingent/pending) this past month in Forest Park IL. Currently there are 26 condos, 5 multi-family properties, 13 single family homes in total that are Under Contract in Forest Park.

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The Fine Print: This report covers what happened for the month ending January 31, 2015 based on info from the MRED LLC multiple listing service (MLS). As always, there may have been more closings that may not have been reported to MRED as of today’s posting as well as other closings that took place outside of the MLS. All data has been compiled from the MRED MLS by Laurie Christofano, Realtor with The Pych Team @ RE/MAX In The Village.