Community Corner
Oak Forest Home Sales More than Double from a Year Ago
Representatives from the Mainstreet Organization of Realtors say affordable prices and low interest rates have created a "perfect storm" of buyer-friendly conditions.
Single-family home sales in the Chicago suburbs grew 41 percent in February 2013, compared to the same month in 2012, according to data provided by the Mainstreet Organization of Realtors (MORe).
In the south suburbs, sales in the majority of Patch communities aligned with this trend, with 10 out of 14 towns experiencing an increase in sales, three towns experiencing a sales decrease and one town remaining the same year-over-year.
Thirteen homes were sold in Oak Forest in February 2013—compared to just 5 in February 2012. The median price dropped 14 percent, from $153,000 to $131,000.
Find out what's happening in Oak Forestwith free, real-time updates from Patch.
Fourteen homes were sold in Homewood in February 2013, compared to 11 in February 2012—a 27-percent increase. In Flossmoor, fewer homes were sold in February 2013—9, compared to 11 in February 2012—for an 18-percent dip.
Evergreen Park saw the most growth in the Southland, with 23 homes sold in February 2013 and only five homes sold one year prior, totaling a 360-percent increase in sales.
Find out what's happening in Oak Forestwith free, real-time updates from Patch.
Sales in Palos Hills decreased by the largest percentage in the area, dropping from three houses sold in February 2012 to one house sold a year later.
Median home prices decreased in six of the 14 south suburban Patch communities, with prices in Orland Park dropping the most year-over-year, from $280,000 to $210,000, or 25 percent.
In Palos Hills, median prices rose the highest, from $140,000 to $222,000 year-over-year.
Regional growth trends are expected to continue in the coming months
“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, who is the president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”
# of homes sold Median price Town February 2013 February 2012 % change February 2013 February 2012 % change CHICAGO HEIGHTS 12 16 -25%50,000
36,450
37.2% EVERGREEN PARK 23 5 360%126,450
119,900
136,750
205,000
33.3% FRANKFORT 15 12 25%312,500
353,500
-11.6% HOMEWOOD 14 11 27.3%97,500
99,000
-1.5% MOKENA 13 8 62.5%259,320
265,000
-2.1% NEW LENOX 16 10 60%170,402
196,500
131,000
153,000
-14.4% OAK LAWN 36 3020%
154,625
140,000
210,000
280,000
-25% PALOS HEIGHTS 9 3 200%239,000
210,000
13.8% PALOS HILLS 1 3 -66.7%222,000
140,000
58.6% PALOS PARK 1 1 0%365,000
250,000 46% TINLEY PARK21
7 200%215,000
206,500
SOURCE: Mainstreet Organization of Realtors.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.