Oak Park Real Estate Market Report, October 2015

Oak Park IL Real Estate Market Report, October 2015

68 homes sold in Oak Park IL

There were 32 condos & townhomes, 2 multi-family buildings, 2 retail spaces, and 32 single family homes sold this past month in Oak Park IL.

The average sales price for the single family homes sold this month was $443,990. The average time on the market was 64 days.

Because these statistics are only for one month and for all of Oak Park, it may not tell you what is possible for a specific home. These are just the general market statistics of what happened in the last month in Oak Park IL real estate.

The average market time for this year in Oak Park has been 74 days, but my team’s average is only 22 days, with an average sales price to list price of over 98% -- contact us via this link or give me a call at 630-248-1976 to find out how we sell our properties quickly & for top dollar!

Own a home in Oak Park IL? Find out what it’s worth here!

Least expensive home reported sold in Oak Park IL

The least expensive home reported sold this past month in Oak Park was a 3 bedroom, 1 bath 2-story home on the 1150 block of south Lyman Ave. It sold for $92,000 after 43 days on the market with an asking price of $95,000.

Located in the 60304 zip code and the Irving Elementary, Percy Julian Middle School, and Oak Park-River Forest High School districts per MLS info.

It was a foreclosure, and the home sits at the back of the lot with no parking. The pictures show that the home was somewhat dated on the interior and in need of updates.

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past month in Oak Park was a 5 bedroom, 3.5 bath home in the 800 block of north Grove Ave. Sitting on a 50 x 162 lot, this house had been meticulously restored by one of the local high-end rehab companies. Priced at $1,100,000, the buyers paid full price and went under contract during the construction period.

Sold Deal Of The Month in Oak Park IL

In my opinion, the best deal of the homes sold this past month in Oak Park was a 4 bedroom, 2.5 bath Victorian home on the 100 block of north Taylor Ave. It was in beautiful condition with tons of original details & charm. It sold for $621,000 after 52 days on the market (original asking price of $649,000).

Foreclosures & Short Sales in Oak Park IL

Three of the single family homes sold this past month in Oak Park were foreclosures. There were not any closed short sales.

Today there are 13 foreclosed homes for sale in Oak Park IL and 10 homes listed as short sales in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 172 single family homes for sale in Oak Park IL. If homes in Oak Park continue to sell at the same pace and no more homes hit the market, it will only take 4.4 months to sell all the available homes. This statistic is for all homes in Oak Park and based only on this month’s activity. Most people consider a housing market healthy if there is a less than 6 months’ supply of inventory, so we’re in what is considered a balanced market.

New Listings in Oak Park IL

There were 116 new properties (45 condos/townhouses, 9 multi-family buildings, and 62 single family homes) to hit the MLS this past month in Oak Park IL. See all listings here!

This Month’s Hot New Listing in Oak Park IL

The best deal in my opinion of this month’s new listings is a 3+ bedroom, 2 bath Queen Anne Bungalow on the 900 block of Wisconsin Ave in Lincoln School District. The sellers have made so many updates: new kitchen, windows, furnace w/ humidifier, central AC, back patio, finished basement & more. It has gorgeous hardwood floors, a massive 19x21 living room with decorative fireplace & art glass windows, and a spacious master bedroom on the 2nd floor with vaulted ceiling. See all details here!

Looking Forward...

68 properties: 26 condos, 3 multi-family properties, and 39 single family homes were reported as going Under Contract (contingent/pending) this past month in Oak Park IL... As we approach the winter / slow season, things are still going strong in the local market! Currently there are 63 single family properties in total that are Under Contract in Oak Park.

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The Fine Print: This report covers what happened for the month of October 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.