What Are Homes Selling For in Suburban Communities?

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The community with the steepest increase in its overall median home sales price was Oak Park where the sales price rose 64.2 percent compared to a year earlier. 

Last February, 18 homes sold for a median price of $255,000 in Oak Park while 20 homes sold last month for a median sales price $418,750, according to statistics provided by the Mainstreet Organization of Realtors.  

The majority of the 62 communities included in the map above saw homes sold for a median price of $300,000 to $500,000 last month. 

There are still some communities where home sale prices are low. The following communities saw homes sold last month for a median price below $125,000: Joliet, where the median home sales price was $93,000; Evergreen Park, $110,000; Chicago Heights, $49,900; Forest Park, $113,500; and Montgomery, $120,000.

Still more communities saw homes sold for a median sales price between $125,000 and $200,000, including: Crystal Lake, Huntley, Romeoville, Oswego, Woodridge, Oak Lawn and Tinley Park. 

Overall, prices of single-family, detached homes in suburban Chicago increased 11.6 percent in February 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS. 

MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.

“The lack of inventory in the market continues to result in increased demand and higher prices,” said Michael Parent, president of MORe and Vice President of Operations for Burnet Title’s Chicago Region. “Related factors, such as the dwindling number of distressed properties in many areas and an increase in multiple offers, are also having an effect.”