Oak Lawn Home Sales Climb in December But Sale Prices Fall

The 36 detached, single-family homes sold during December in Oak Lawn outpaced the 26 homes sold in December 2011, according to the Mainstreet Organization of Realtors (MORe).

In November, 44 homes were sold in Oak Lawn, compared to 33 sold in November 2011.

Despite climbing home sales, the median price of homes sold December ($161,250) continue to decline over the median price of homes sold December 2011 ($166,500), a 3.2 percent-decrease.

The market for detached, single-family homes in suburbs throughout the Southland saw growth in December, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

Chicago Heights saw the largest percent increase, with 188.9 percent more homes sold year over year in December. There were 9 homes sold that month in 2011 and 26 in 2012.

Flossmoor saw the largest percent drop, with 50 percent fewer homes sold year over year in December. 

Overall across the Chicago suburbs, sales of single-family detached homes rose 17.1 percent in December over the same month in 2011, according to MORe. 

MORe predicts January will be another month of local housing market growth, as the number of detached homes under contract in December 2012 was 58.3 percent higher than in December 2011. 

“We are cautiously optimistic for 2013, but that doesn’t mean people should wait to take advantage of this market,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Interest rates will rise as the economy improves, making it more expensive to finance the purchase of a home.”

# of homes sold Median price
Town 2012 2011 % change 2012 2011 % change
CHICAGO HEIGHTS 26 9 188.9%

34,500

20,500

68.3%
EVERGREEN PARK 14 15 -6.7%

122,750

80,000

53.4%
FLOSSMOOR 6 12 -50%

233,950

210,500

11.1%
FRANKFORT 28 17 64.7%

330,000

335,000

-1.5%
HOMEWOOD 15 10 50%

90,000

154,175

-41.6%
MOKENA 13 7 85.7%

279,000

385,000

-27.5%
NEW LENOX 19 19 0%

250,000

244,368

2.3%
OAK FOREST 18 15 20%

147,500

149,900

-1.6%
OAK LAWN 36 26 38.5%

161,250

166,500

-3.2%
ORLAND PARK 25 19 31.6%

253,500

275,000

-7.8%
PALOS HEIGHTS 8 7 14.3%

175,000

220,000

-20.5%
PALOS HILLS 9 5 80%

207,000

210,000

-1.4%
PALOS PARK 9 5 80%

403,000

410,000 -1.7%
TINLEY PARK 22 18 22.2%

200,599

186,500

7.6%

SOURCE: Mainstreet Organization of Realtors​

» View the article on the Oak Lawn Patch site.
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