Oak Park Real Estate Market Report, June 2015

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

Oak Park IL Real Estate Market Report, June 2015

127 homes sold in Oak Park IL

There were 42 condos & townhomes, 3 multi-family buildings, 4 retail spaces, and 78 single family homes sold this past month in Oak Park IL.

The average sales price for the single family homes sold this month was $489,000. The average time on the market was 69 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.

The average market time for this year in Oak Park has been 80 days, but my team's average is only 22 days, with an average sales price to list price of over 98% -- contact us via this link or give me a call at 630-248-1976 to find out how we sell our properties quickly & for top dollar!

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 2 bedroom, 1 bath bungalow on the 1200 block of north Taylor Ave. It sold for $180,000 after 138 days on the market with an original asking price of $212,500.

Located in the 60302 zip code and the Hatch Elementary, Gwendolyn Brooks 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 7 bedroom, 3 bath home in the 200 block of Forest Ave in the Frank Lloyd Wright Historic District. Sitting on a 50 x 195 lot, this house's interior pics showed a meticulously restored home with a spacious floorplan. Priced at $1,295,000, the buyers paid $1,275,000 after just 4 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, 3.5 bath brick Mediterranean home on the 1000 block of Fair Oaks Ave. It was in beautiful condition with tons of original details & charm. It sold for $685,000 after 225 days on the market (original asking price of $799,000).

Foreclosures & Short Sales in Oak Park IL

Five of the single family homes sold this past month in Oak Park were foreclosures. There were 3 short sales.

Today there are 7 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 144 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 2.8 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 170 new properties (79 condos/townhouses, 9 multi-family buildings, and 82 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 month's new listings is a gut-rehabbed 4 bedroom, 3 bath brick home on the at 545 Gunderson Ave in Longfellow School District. Features include all new hardwood floors throughout, formal living & dining rooms, gourmet kitchen with oversized island (w/ wine fridge) open to family room, 1st floor full bath with marble basket weave floor & glass tile accents. 2nd floor has an incredible master suite with walk-in closet, private porch & marble spa bath with bay window, jetted soaking tub, dual sinks & large walk-in shower, 3 additional bedrooms & nicely appointed hall bath, along with stackable laundry center. Finished basement makes a great home office, playroom, or media room with plush modern carpeting along with a 2nd laundry room. Fenced yard w/ 2-car garage, open front porch, corner lot. Lovely neighborhood close to Harrison Arts District. There's an open house being held this Sunday, July 12, from 1-3pm. See all details here!

Looking Forward...

92 properties: 36 condos, 4 multi-family properties, and 52 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 99 single family properties in total that are Under Contract in Oak Park.

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

More info on my FREE first time buyer consultations

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 of June 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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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Laurie - Thanks for the very valuable real estate market stats for Oak Park during July 2015.

Jul 09, 2015 07:44 AM #1
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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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