Oak Park and River Forest See Increase in Home Sale, Price Drops

Oak Park Park's real-estate market experienced a dramatic uptick in October 2012 over the same month last year, with an increase of 72 percent in over October 2011. River Forest by comparison saw an increase of 28 percent over October 2011.

The number of actual homes sold this October was 38, compared to the 22 sold during the same period last year. River Forest saw a total of nine homes sold, compared with seven sold the year before.

Unfortunately for both town, sell homes came at a price. The sales price of home in Oak Park fell by almost 20 percent. River Forest saw a 30 percent decrease in the price of the homes sold.

The market for detached, single-family homes in suburbs throughout west Cook County saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.

Forest Park's market was the most sluggish, holding flat at four homes sold in both October 2012 and 2011.

Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe. 

The Good News:

MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011. 

“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”

148,500

200,500

467,500

377,750

238,400

221,500

290,000

305,000

327,500

407,500

435,000

625,000

380,950

357,000

Source: Mainstreet Organization of Realtors