Wednesday, January 04, 2017

La Grange Historic District / downtown home sales, median price up 18% in 2016

4o block of 7th Street La Grange... steps from a Starbucks!
We recently viewed homes near the La Grange downtown area known as a Historic District.
Most houses maintain the distinct original character of the well established Chicago suburb. The majority of the houses look as they have always looked (mind for expansions and interior renovations). Home owners often opt to live with sometimes quirky lay outs in exchange for great location and "city life".

Home sales in the downtown La Grange area roughly West Ogden Ave to West 47th Street and North Gilbert/Willow Springs to East Ave.
La Grange downtown / Historic District area home sales
104 homes have sold in the greater downtown La Grange area over 2016.  The median price of a sale is $655,000. The many restaurants, bars, services and transportation options attribute to the relatively high median home price. Several friends and colleagues take the La Grange Metra stops to downtown Chicago in 20 mins.
We saw this new construction home interior on the outskirts of the downtown area.  Fully gut renovated and new construction homes have been become more common with increased housing demand over the last few years.  Foreclosure and value home purchases from past few years have become 2016's new construction homes.
The highest home sale was 311 6th Ave , La Grange, Illinois 60525 for $1,250,000 cash. The 1914 built grand renovated home sits on a huge lot.  The lowest sale from 2016 was 119 Hayes Ave , La Grange, Illinois 60525 sold cash at $71,359. The bank owned (REO) home looked in need of tear down.

In 2015, 109 homes sold for a median price of $550,000.
2014, 95 homes sold for a median price of about $550,000.
2013, 86 homes sold for a median price of about $510,000.

The increased median sales price in 2016 mimics the housing recovery for many transit orientated ares and the introduction of more new construction homes for sale over the last couple years. The red hot Chicago market over the last couple years has afforded growing families to sell city condos and buy their suburban homes in areas like La Grange downtown area. Many of our clients are taking advantage to buy their "move up" house.

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