Oak Park Real Estate Market Report, March 2015

Real Estate Agent with RE/MAX in the Village, Realtors

Oak Park IL Real Estate Market Report, March 2015


61 homes sold in Oak Park IL

There were 26 condos & townhomes, 2 multi-family buildings, and 33 single family homes sold this past month in Oak Park IL.

The average sales price for the single family homes sold this month was $471,333. The average time on the market was 77 days.

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

Own a home in Oak Park IL? Find out what it's worth here!


Least expensive home reported sold in Oak Park IL

The least expensive home reported sold this past month in Oak Park was a 3 bedroom, 1 bath ranch on the 1150 block of south Highland Ave. It sold for $175,000 after 180 days on the market with an original asking price of $275,000.

Located in the 60304 zip code and the Irving Elementary, Percy Julian Middle School, and Oak Park-River Forest High School districts per MLS info.

It was a foreclosure, and the pictures show that the home was somewhat dated on the interior and in need of some updates. 

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past month in Oak Park was a 5 bedroom, 3.5 bath brick home in the 200 block of south Euclid Ave. Sitting on a 99 x 178 lot, this house's interior pics showed a meticulously restored home with a spacious floorplan. Priced at $1,425,000, the buyers paid $1,315,000 after 75 days on the market.

Sold Deal Of The Month in Oak Park IL

In my opinion, the best deal of the homes sold this past month in Oak Park was a 4 bedroom, 2.5 bath brick bungalow on the 700 block of south Scoville Ave. It was in beautiful condition with tons of natural wood details & charm. It sold for $501,000 after 81 days on the market (asking price of $520,000).

Foreclosures & Short Sales in Oak Park IL

Two of the single family homes sold this past month in Oak Park were foreclosures. There were 2 short sales.

Today there are 5 foreclosed homes for sale in Oak Park IL and 5 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 117 single family homes for sale in Oak Park IL. If homes in Oak Park continue to sell at the same pace and no more homes hit the market, it will only take 1.6 months to sell all the available homes. This statistic is for all homes in Oak Park 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, so we're in what is considered a Seller's Market, and buyer demand is HUGE right now!

New Listings in Oak Park IL

There were 162 new properties (68 condos/townhouses, 6 multi-family buildings, and 88 single family homes) to hit the MLS this past month in Oak Park IL. See all listings here!

This Month's Hot New Listing in Oak Park IL

The best deal in my opinion of this week's new listings is a 2-flat on the 1150 block of south Wisconsin Ave in Lincoln School District. Each unit has 2 bedrooms, and there's a common basement, yard & garage. It's being offered as a short sale with a price tag of only $325,000! See all details here!

Looking Forward...

124 properties: 50 condos, 1 multi-family property, and 73 single family homes were reported as going Under Contract (contingent/pending) this past month in Oak Park IL... Things are really heating up in the local market! Currently there are 115 single family properties in total that are Under Contract in Oak Park.

See the full Oak Park Market Insider here & subscribe for monthly updates!

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The Fine Print: This report covers what happened for the month of March 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
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Laurie - These are very valuable stats for Oak Park, Illinois real estate market report.

Apr 02, 2015 07:57 AM #1
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Laurie -- what a nice report.  It looks like you are going to have a great spring market.

Apr 04, 2015 01:12 PM #2
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

LAURIE thanks for sharing the market report for Oak Park Real Estate

Apr 04, 2015 09:15 PM #3
Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Thanks for the Market report of what’s happening in your area. I appreciate how these reports help me stay on top of other markets. 

May 06, 2015 11:01 AM #4
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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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