In 2024, single-family home prices rose at a rapid pace in Oak Park, River Forest and Forest Park. Attached housing prices rose as well, albeit at a slower rate.
In Oak Park, the median attached housing price rose 9.5%, to a median sales price of $213,500. In River Forest, the rise was 8.57%, to a median sales price of $260,000.
In Forest Park the increase was 13.42%, to a median price of $179,000.
An article in Sunday’s Chicago Tribune posited that if would-be buyers are put off by the high prices of single-family homes, it could pay to consider buying a condominium.
With that suggestion in mind, this week we take a look at what’s on the condo market in the near-west suburbs.
In Oak Park, as of press time, there are 24 condos listed for sale. The lowest priced condominium is at 125 Washington Blvd. For $119,000, a buyer can get an 800-square- foot condo with one bedroom and one bathroom. The vintage red-brick building offers touches like hardwood floors. The listing touts the recently replaced roof and boiler and financially secure condo association. The building is also FHA-approved, which means a qualified buyer could finance the purchase with a Federal Housing Authority loan.
At the high end of the scale, 839 Madison offers three bedrooms and two bathrooms and 1,460 square feet for $676,566. The unit is part of Oak Park Commons, a co-living community that is currently under construction, with a planned completion date in the fall of 2025. The unit will include designer features like quartz counters; the green building will offer community amenities such as a common great room with a library and electric vehicle charging stations in the garage.
River Forest currently has 10 condominiums for sale. The lowest-priced unit is at 7200 Oak Ave., where $125,000 will get you a one-bedroom, one-bathroom space with hardwood flooring. Built in 1939, the brick building shares a yard space with another building.
At the upper end of the River Forest market, 424 Park Ave. is a two-bedroom, two-bathroom unit with 1,340 square feet. Priced at $282,500 the unit has been updated with hardwood flooring, granite countertops and stainless-steel appliances.
The unit comes with a dedicated parking space and a balcony.
Forest Park currently has 10 condominiums listed for sale. The lowest price is a unit at 314 Lathrop for $105,000. The one-bedroom, one-bathroom unit in a 1977-building with an elevator that includes new wood floors, a new refrigerator and stove and “triple-sized” closet space.
At the top of the Forest Park condo market, 211 Elgin offers a condominium priced at $319,000 in an elevator building. The two-bedroom, two-bathroom unit includes 1,400 square feet of living space. The updated unit includes a terrace and a kitchen with stainless steel appliances.
Pros and con of condos
For buyers looking to edge into homeownership or leave the burden of single-family home maintenance behind, a condo can offer a path to homeownership without the burden of having to do the work yourself. And condominiums can offer an attractive lower price for entering the housing market or downsizing.
However, condominium ownership comes with a few different considerations than single-family home ownership.
Condominium buildings typically charge an HOA, or homeowner’s association fee, which is managed by a board to pay for common elements like roofs and boilers. All of the units here have HOA fees ranging from $256 to $438. These fees are on top of property taxes.
Generally, the condominium board also pays for maintenance of common elements, like grass, garages and lobbies via HOA fees.
While HOAs are a mechanism for building management that can leave individual owners with fewer responsibilities, the associations set rules for individual owners on a variety of issues from remodeling to pet ownership and parking restrictions.
In Illinois, buyers of condominiums are entitled to certain disclosures prior to purchasing a condominium. The Illinois Condominium Property Act governs disclosures which include information on the finances of the HOA, and pending legal actions or disputes and any defects or deficiencies in the common elements of the building.
