River Forest IL Real Estate Market Report: January 2015

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Real Estate Agent with RE/MAX in the Village, Realtors
https://activerain.com/droplet/4xBr

6 homes sold in River Forest IL

There were 2 condos, 1 commercial storefront, and 3 single family homes reported as sold within the last month in River Forest IL.

The sold condos closed for $39,500 (1BR in the Oak Ave condo development) & $170,000 (a 3BR, 2BA unit in 1535 Park Ave), and the single family homes ranged from $435,000 to $1,872,000.

The average time on the market was 80 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 a 4 bedroom, 1.5 bath Victorian home on Quick Ave. The photos & description show it to be in dated condition with updating required throughout. It sold for $435,000, a whopping $46,000 over asking price, with multiple offers in just 5 days on the market.

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

Side note: this listing was named as the Hot New Listing in December's Real Estate Market Report.

 

Most expensive home reported sold in River Forest IL

The most expensive home reported sold this past month in River Forest was a spectacularly renovated 5 bedroom, 4 full & 1 half bath Colonial home on a 100 x 185 foot lot in the 1000 block of Jackson Ave. It sold for $1,872,000 after being on the market for 26 days with an asking price of $1,950,000.

Per the MLS, it had been completely renovated, and the interior pictures showed upscale finishes & a modern neutral color palette that would appeal to the most discerning buyer.

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 5BR, 3BA single family home in the first block of Ashland Ave, that sold for $570,000 (asking price $595,000). It was nicely updated on a deep lot and had a first floor family room and a nice master suite. It sold in just 16 days!

 

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 2 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 32 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 11 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 around 6 months' supply of inventory.

 

New Listings in River Forest IL

There were 4 new condos & 6 new single family listings to hit the MLS this month in River Forest IL. One of these listings has 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 renovated Victorian on the first block of Lathrop, close to downtown Forest Park. It has 3 bedrooms, 1.5 baths, a finished basement, and a gourmet kitchen. The best part is the price, which is only $439,000! Pics & details here!

 

Looking Forward...

6 condos and 5 single family homes were reported as going Under Contract (contingent/pending) this past month in River Forest IL. Currently there are 8 single family 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 January 30, 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.

Posted by

Laurie Christofano, Realtor

ABOUT THE AUTHOR: Laurie Christofano has been a real estate broker since falling into the field in 2007 upon deciding to leave medical school. Passionate about local architecture and determined to make a living "helping people" (as she set out to do since deciding to become a doctor; albeit she's now helping with a different but also important aspect of people's lives), she's worked with buyers, sellers & renters all over Chicago's city & suburbs. Proud member of The Pych Team @ RE/MAX In The Village, Your #1 Pick! Learn more: http://traffic.libsyn.com/brianplain/TAA020.mp3

Find out how much your Chicago area home is worth in today's market:
go to http://myhousepage.com/chicagoland-house-values
(FREE service for Chicagoland homeowners)

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Jim Crawford
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Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for sharing these local real estate trends!

This is invaluable information for buyers and sellers alike.

Jan 30, 2015 11:41 AM #1
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