River Forest Real Estate Market Report, February 2015

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

River Forest IL Real Estate Market Report, February 2015

 

10 homes sold in River Forest IL

There were 6 condos & townhomes, 1 multi-family building, and 3 single family homes sold this past month in River Forest IL.

The average sales price for the single family homes sold this month was $590,000. The average time on the market was 38 days.

Because these statistics are only for 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 in the last month in River Forest IL real estate.

Own a home in River Forest IL? Receive a customized home valuation.

 

Most expensive home reported sold in River Forest IL

The most expensive home reported sold this past month in River Forest was a 4 bedroom, 2 full & 2 half bath brick Tudor home on a large lot in the 1000 block of Monroe Ave. It sold for $727,000 after being on the market for just 4 days with an asking price of $749,000.

Per the MLS, the home had been in the same family for over 50 years, and was in need of updating throughout. In my opinion the buyers got a solid deal on this solid house.

See the available luxury homes for sale in River Forest here

Least expensive home reported sold in River Forest IL

The least expensive home reported sold this past month in River Forest was a 3 bedroom, 2.5 bath Dutch Colonial home on the 1200 block of Park Ave. It was a foreclosure, and the photos & description show it to be in fair condition with some updating required throughout. It sold for $434,900, full price, with multiple offers in just 13 days on the market.

See all of the available 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 4BR, 2BA, 2 story English style home in the first block of Gale Ave, that sold for $610,000 (asking price $674,000). It was nicely updated on a deep lot and had a first floor family room. It sold in 97 days with an original asking price of $725,000.

 

Foreclosures & Short Sales in River Forest IL

1 of the homes sold this past month in River Forest was a foreclosure, and none were short sales. 

Today there are 4 foreclosed homes for sale in River Forest IL and 1 home listed as a short sale in River Forest IL.

 

Inventory & Absorption Rate in River Forest IL

At the end of February, there were 47 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 3 months to sell all the available homes based on this most recent 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 8 condo & townhome, 1 multi-family building, & 27 single family listings to hit the MLS this month in River Forest IL. Two of these listings have already sold, and 11 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 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 $429,900! Pics & details here!

 

Looking Forward...

4 condos, 1 multi-family building, and 13 single family homes were reported as going Under Contract (contingent/pending) this past month in River Forest IL. As of the end of February, there were 15 single family homes in total that are Under Contract in River Forest.


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

Just Announced: $5,000 in down payment / closing cost assistance is available to first time buyers as well as repeat buyers in Illinois! See all the details here!

The Fine Print: This report covers what happened for the month ending February 28, 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:
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(FREE service for Chicagoland homeowners)

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Rainmaker
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David Saks
(retired) - Memphis, TN

Another fine post and great information. Have a terrific day ahead.

Mar 16, 2015 02:07 PM #1
Rainer
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Linda Metallo DiBenardo
RE/MAX Impact, Lockport, Illinois - Lockport, IL

Cool report Laurie, I like reading about other Chicago 'burbs.   River Forest has some really interesting homes.

Mar 20, 2015 12:15 AM #2
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Rainer
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Laurie Christofano

ABR, The Pych Team at RE/MAX in the Village
Buy or Sell in Chicagoland
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