The 59 detached, single-family homes sold in Oak Park during July represented a 47.5 percent increase from July 2012, when 40 homes were sold, according to the Mainstreet Organization of Realtors (MORe).
Home sales increased even more greatly in River Forest year-over-year, up to 23 from 13.
The median price of homes sold in July didn't change much compared to last year, up 3.6 percent ($417,000 from $402,500) in Oak Park and down 1.3 percent ($575,000 from $582,500) in River Forest.
In the near west suburbs, Hinsdale saw the largest percent increase in sales, with 149 percent more homes sold year over year in June. La Grange had the highest percentage increase in median price.
The momentum is expected to continue as the number of detached homes under contract in July grew by 42.8 percent in MORe's region. The median sale price for detached homes also increased 15.4 percent from the previous July.
“We are continuing to see strong growth in the Chicago area housing market, with foreclosure filings plummeting to the lowest level in more than five years and home values steadily increasing,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Even while prices and interest rates are rising, today’s market still represents an almost unprecedented opportunity for first-time and move-up homebuyers.”
Source: Mainstreet Organization of Realtors