River Forest IL Real Estate Market Report: December 1, 2014

7 homes sold in River Forest IL

There were 5 condos and 2 single family homes reported as sold within the last month in River Forest IL. The sold condos ranged from $135,000-$449,000, and the single family homes sold for $350,000 and $1,475,000. The average time on the market was 65 days.

Because these statistics are for only one month and for all of River Forest, 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 River Forest IL real estate.

Own a home in River Forest? Find out what it’s worth here!

Least expensive home reported sold in River Forest IL

The least expensive home reported sold this past month in River Forest was an 1100 sq ft, 2 bedroom, 1.5 bath brick townhouse on North Ave. The photos show it’s basic and clean with 3 levels of living space. It sold for $135,000 in 40 days on the market.

Located in the 60305 zip code and the Willard Elementary, Roosevelt Jr High, and Oak Park-River Forest High School districts per MLS info.

This mid-century complex, along with others like it, are owned fee simple which means that there’s no association (hence no HOA fees) and each unit owner maintains their own little space.

Looking for something similar? Here are the currently available townhouse listings in River Forest.

Most expensive home reported sold in River Forest IL

The most expensive home reported sold this past month in River Forest was a 5200 sq ft, 6 bedroom, 4 full & 2 half bath home on a 64 x 234 foot lot just north of Lake Street on Keystone Ave. It sold for $1,475,000 after being on the market for 53 days with an asking price of $1,575,000.

Per the MLS, it had been completely renovated in 2006 and included all of the upgrades including gourmet kitchen, master suite, and finished 3rd floor attic & basement.

See the available luxury homes for sale in River Forest here.

Sold Deal Of The Month in River Forest IL

In my opinion, the best deal of the homes sold this past month was a single family home that was in need of repairs and updates in the 500 block of Lathrop, just north of Lake Street, that sold for just $350,000 (asking price $419,000). The lack of interior pictures tells us everything we need to know, but this 4BR, 1.5BA home will surely be improved and upgraded by its new owners.

Foreclosures & Short Sales in River Forest IL

None of the homes sold this past month in River Forest were short sales or foreclosures.

Today there are 3 foreclosed homes for sale in River Forest IL and 2 homes listed as a short sale in River Forest IL.

Inventory & Absorption Rate in River Forest IL

Today there are 44 single family homes for sale in River Forest IL. If homes in River Forest continue to sell at the same pace and no more homes hit the market, it will take 22 months to sell all the available homes based on this most recent very slow month of activity. This statistic is for all homes in River Forest 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.

New Listings in River Forest IL

There were 6 new single family listings to hit the MLS this month in River Forest IL, 2 of which have already gone under contract!

This Month’s Hot New Listing in River Forest IL

The best deal in my opinion of this month’s new listings is a 3-story Victorian on Quick Ave, close to downtown River Forest & downtown Oak Park. It needs updating but is a great buy at $389,000 -- well under the average selling price for the neighborhood. Pics & details here!

Looking Forward...

5 single family homes were reported as going Under Contract (contingent/pending) this past month in River Forest IL. Currently there are 13 homes in total that are Under Contract in River Forest.

See the full River Forest Market Insider here & subscribe for monthly updates!

The Fine Print: This report covers what happened for the month ending December 1, 2014 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.