Home Prices in Oak Park IL for September 2014
Real estate market data for Oak Park, IL provided by Laurie Christofano of The Pych Team @RE/MAX In The Village, Realtors
Oak Park Home Prices
We have seen six months of home selling price increases on home prices in Oak Park, and we expect this trend to continue with the fall selling season just kicking off. If you are considering buying a home, you can still find deals on a house in Oak Park, but having a good real estate agent who understands the market is a must. Don't wait on the sidelines for too long; many listings are selling within a few days of hitting the market. Oak Park is a unique market in that the home styles, sizes, finishes & price points range from $200,000 up to the millions. As you can see in the graph below, the average selling price is higher than the average listing price. This means that more homes in the higher price points have been selling recently. To make sure you don't overpay for your home, you'll want to have an agent who does some thorough research and walks you through the market analysis of the Oak Park home on which you are making an offer.
If you are interested in how much current inventory is on the market in Oak Park, you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in Oak Park, homes have a median time of 68 days on the market before they sell. While this is much shorter than the national average (and many homes are selling in less time), this would suggest that buyers are in a great position to make an aggressive offer on a home, especially if it has been sitting on the market for 2 months or longer. Sellers must be sure to price their home near the market value if they expect to get an offer from one of those interested buyers.
In particular, buyers in Oak Park are drawn to updated homes in move-in-ready condition. Homes that are updated, de-cluttered, priced right and are showcased well are attracting buyers & even multiple offers in a short amount of time. Sellers should work with their agent well before listing the home for sale to determine what repairs and updates would be worthwhile to undertake in order to achieve a faster, higher priced sale.
Oak Park Real Estate Report Summary
The median list price in September for single family homes in Oak Park is $436,000.
The median sales price in September for single family homes is $419,900.
Find Homes for Sale in Oak Park IL
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