Home Sales Down, Prices Up in Forest Park from May to June

The nine detached, single-family homes sold in Forest Park during June was the exact same sold in June 2012, according to the Mainstreet Organization of Realtors (MORe).

The median price of homes sold in June was also the same as last year, at $215,000. That is however an increase over May 2013, when the median home price was $170,000.

The market for detached, single-family homes in suburbs throughout west Cook County was a mixed bag in June, with some big jumps and other neighborhoods that were stagnant. MORe reported. MORe gets its statistics from Midwest Real Estate Data.

In the near west suburbs, River Forest saw the largest percent increase in sales, with 91.7 percent more homes sold year over year in June. It also had the highest percentage increase in median price, up 32 percent.

The momentum is expected to continue as the number of detached homes under contract in June grew by 36.5 percent in those same communities. The median sale price for detached homes also increased 9.5 percent from the previous June, marking the fourth month in a row of year-over-year price growth.

 “A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Buyers especially should look to act soon to lock in today’s low interest rates.”

Source: Mainstreet Organization of Realtors