The Chicago metro real estate market has performed well despite the pandemic conditions in 2020. A lot of media reports have focused on the heated markets in the west suburbs and the North Shore. However many of our clients move to Oak Park adjacent to the city. Oak Park is popular Chicago alternative. The little city connected by the Blue and Green lines. A place where you can get a relatively affordable house compared to many Chicago neighborhoods and good schools. How has Oak Park done this year?
|Winter is coming...in Oak Pak!|
Oak Park is seeing the most single family homes sold to date since 2016. From January 1st to October 15th 406 Oak Park single family homes have closed. The median price of a closed house is $457,000. The highest sale is 407 North Kenilworth for $1,975,000.
2019, 321 houses closed with a median price $445,000
2018, 398 houses closed with a median price of $450,000
2017, 398 houses sold with a median price of $457,500
2016, 458 homes sold with a median price $434,900
2015, 383 homes sold with a median price of $424,000
As the pandemic approached and worsened no one could predict what this year's housing market would look like. Unit sales in fact cut in half or more during April and May in many communities. But the Chicago and surrounding single family home markets bounced back like crazy as many buyers took advantage of low interest rates to either move to the burbs or upgrade their square footage in the city.