Average Sale Price of Oak Lawn Homes on Downswing: October Home Sales
While Oak Lawn home sales are up, prices are down compared to October 2011.
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While the number of homes sold in Oak Lawn has climbed from 2011 to 2012, the average price for those homes is on a downswing.
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The market for detached, single-family homes in suburbs throughout the Southland saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.
Compared to October 2011, Oak Lawn home sales climbed to 45 from 30 this same time period last year, a 50-percent change. Despite the uptick in home sales, the average home sale decreased from $164,450 in October 2011 to $158,500 in October 2012.
Oak Forest experienced the most dramatic percent change in the number of homes sold, with an uptick of 144.4 percent in October 2012 over October 2011. The number of actual homes sold this October was 22, compared to the nine sold during the same period last year.
Palos Heights saw the largest percent drop, with 36.4 percent fewer homes sold year over year in October. That shakes out to 7 homes sold in October 2012 compared to 11 sold in October 2011.
Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe.
MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011.
“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”
| # of homes sold | Median price | |||||
| Town | 2012 | 2011 | % change | 2012 | 2011 | % change |
| CHICAGO HEIGHTS | 13 | 11 | 18.2% |
55,000 |
48,000 |
14.6% |
| EVERGREEN PARK | 17 | 19 | -10.5% |
120,000 |
94,000 |
27.7% |
| FLOSSMOOR | 13 | 11 | 18.2% |
234,000 |
165,000 |
41.8% |
| FRANKFORT | 22 | 19 | 15.8% |
213,000 |
310,000 |
-31.3% |
| HOMEWOOD | 20 | 15 | 33.3% |
85,000 |
100,000 |
-15% |
| MOKENA | 19 | 16 | 18.8% |
299,000 |
235,000 |
27.2% |
| NEW LENOX | 21 | 19 | 10.5% |
255,000 |
254,000 |
0.4% |
| OAK FOREST | 22 | 9 | 144.4% |
161,500 |
175,000 |
-7.7% |
| OAK LAWN | 45 | 30 | 50% |
158,500 |
164,450 |
-3.6% |
| ORLAND PARK | 34 | 21 | 61.9% |
274,950 |
245,000 |
12.2% |
| PALOS HEIGHTS | 7 | 11 | -36.4% |
305,000 |
202,500 |
50.6% |
| PALOS HILLS | 6 | 4 | 50% |
198,000 |
170,000 |
16.5% |
| PALOS PARK | 7 | 0 | -- |
375,000 |
0 | -- |
| TINLEY PARK | 28 | 19 | 47.4% |
199,500 |
176,300 |
13.2% |
