Upward Trend for Morton Grove Housing Prices

Morton Grove officials were pleased to observe, once again, that median housing prices are continuing their upward trend. The prices are offsetting trends in other communities and the overall real estate market in general, according to a village press release.  

Median increased 6.5 percent during the quarter of November 2010 through January 2011 over the same period from the previous year, according to a Chicago Tribune July “Price Pulse” report. This continues the upward trend reported previously, when Morton Grove’s average housing prices increased 4.5 percent from the last quarter of 2009 to the same period in 2010.

“If we look at some of the activity, it’s probably demand and a very good environment to buy in with low rates,” said Nick Marino, managing broker and owner of in Morton Grove. “At the same time, more distressed sales in other communities are affecting their median prices.”

Housing prices in nearby communities decreased by amounts ranging from 12 percent to 16 percent, according to the Tribune report. Village officials said they track housing prices and other data to assess short and long term trends in the community.

“Morton Grove continues to show its strength in the north suburban area with these statistics,” said Morton Grove Director of Community Development John Said. “Residents, businesses and visitors are investing in this community and these numbers reflect that.”

Said also mentioned that Morton Grove offers many amenities which are attractive to buyers.

“We continue to market the community as a desirable place in which to locate, and the quality of the neighborhoods, parks, schools and business areas is well-known,” he added. “We continue to track these statistics as they are important barometers of the community’s economic health.”

For more information or questions contact: Mr. John D. Said AICP, Director of Community Development, Village of Morton Grove; 847-663-3061 or jsaid@mortongroveil.org.