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Oak Lawn Home Sales, Values, Rise in November

Oak Lawn housing market made strong showing in November.

The 44 detached, single-family homes sold during November in Oak Lawn represented a 21.2 percent increase over November 2011, according to the Mainstreet Organization of Realtors (MORe).

In addition, the median price of homes sold in November ($160,160) was 1.2 percent higher than the median price of homes sold in November 2011 ($145,000). 

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The market for detached, single-family homes in suburbs throughout the Southland saw growth in November, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

Mokena saw the largest percent increase, with 87.5 percent more homes sold year over year in November. There were 8 homes sold that month in 2011 and 15 in 2012.

Palos Park saw the largest percent drop, with 50 percent fewer homes sold year over year in November. It's worth noting the particularly small sample size: Three homes were sold in November 2012 compared to six in November 2011.

Overall across the Chicago suburbs, sales of single-family detached homes rose 35.6 percent in November over the same month in 2011, according to MORe. 

MORe predicts December will be another month of local housing market growth, as the number of detached homes under contract in November 2012 was 54 percent higher than in November 2011. 

“We are on pace to finish strong in 2012,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “It is a great time to be in the market, especially in the Chicago area. Every day we see signs that conditions are continuing to improve to the benefit of both buyers and sellers.”

# of homes sold Median price Town 2012 2011 % change 2012 2011 % change CHICAGO HEIGHTS 14 17 -17.7%

46,500

20,000

132.5% EVERGREEN PARK 22 16 37.5%

146,000

126,000

15.9% FLOSSMOOR 9 7 28.6%

200,000

112,000

78.6% FRANKFORT 20 17 17.7%

310,000

280,000

10.7% HOMEWOOD 17 18 -5.6%

100,000

95,000

5.3% MOKENA 15 8 87.5%

235,000

230,000

2.2% NEW LENOX 27 20 35%

217,000

208,750

4% OAK FOREST 19 17 11.8%

131,500

130,000

1.2% OAK LAWN 40 33 21.2%

160,160

145,000

10.5% ORLAND PARK 30 27 11.1%

289,950

263,000

10.3% PALOS HEIGHTS 8 10 -20%

231,000

216,250

6.8% PALOS HILLS 9 5 80%

187,000

230,000

-18.7% PALOS PARK 3 6 -50%

380,000

471,500 -19.4% TINLEY PARK 26 23 13%

202,500

188,000

7.7%

SOURCE: Mainstreet Organization of Realtors

OakLawnGuy December 21, 2012 at 12:43 PM
I hope this is as promising as the numbers indicate. More foreclosed homes went on the market the last 6-9 months, enlarging the inventory, but sales increased. I was and am concerned how the homes that banks are holding back would affect the market.
chris cucci December 21, 2012 at 06:22 PM
The homes that the banks are holding back will be released slowly as to not affect the prices to much on there forclosure inventory. The banks want he prices to rise, not fall. This is why they hold back. If you need assistance in buying or sellling a home, my name is Chris Cucci, I am with Coldwell Banker, and a life long resident of Oak Lawn. Call 708-420-5550

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