Real Estate
More Homes Sold at Lower Prices in Frankfort
Prices dropped as the Frankfort housing market grew in October.
The housing market in Frankfort experienced a slight growth in October compared to home sales in the village one year ago.
The market grew by 15.8 percent last month, when 22 single-family homes were sold in Frankfort. 19 homes were sold in October 2011.
Home prices in Frankfort experienced the greatest decrease in the Southland, dropping by 31.3 percent, from a median price of $310,000 in October 2011 to $213,000 in October 2012.
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The market for detached, single-family homes in suburbs throughout the Southland saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.
Oak Forest experienced the most dramatic percent change in the number of homes sold, with an uptick of 144.4 percent in October 2012 over October 2011. The number of actual homes sold this October was 22, compared to the nine sold during the same period last year.
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Palos Heights saw the largest percent drop, with 36.4 percent fewer homes sold year over year in October. That shakes out to 7 homes sold in October 2012 compared to 11 sold in October 2011.
Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe.
MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011.
“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”
55,000
48,000
14.6% EVERGREEN PARK 17 19 -10.5%120,000
94,000
27.7% FLOSSMOOR 13 11 18.2%234,000
165,000
41.8% FRANKFORT 22 19 15.8%213,000
310,000
-31.3% HOMEWOOD 20 15 33.3%85,000
100,000
299,000
235,000
27.2% NEW LENOX 21 19 10.5%255,000
254,000
0.4% OAK FOREST 22 9 144.4%161,500
175,000
-7.7% OAK LAWN 45 30 50%158,500
164,450
-3.6% ORLAND PARK 34 21 61.9%274,950
245,000
305,000
202,500
50.6% PALOS HILLS 6 4 50%198,000
170,000
16.5% PALOS PARK 7 0 --375,000
199,500
176,300
13.2%Source: Mainstreet Organization of Realtors
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