In the real estate world, when inventory is low and demand is high, as it has been locally for the past few years, it means one thing: it’s a seller’s market. A seller’s market is in place when housing demand is greater than supply. Characterized by low inventory, fast sales and rising prices, a seller’s market can result in bidding wars and homes selling above asking price.
While the local spring real estate market is just getting into full swing, so far, it’s been a busy season and indications for the first part of the year are that we are in an environment where sellers have the upper hand in negotiations.
Rising interest rates and market uncertainty could still put a damper on things — in other parts of the country, buyers have the upper hand, but this week we take a look at three recently closed sales that show just how far buyers are willing to go to secure the house they want.
This quarter’s winner in difference between listing and closing price is in River Forest. The home at 1317 Jackson Avenue was listed at $880,000 and closed for $1.3 million on March 26, roughly $401 per square foot. The four-bedroom, three-and-one-half bathroom house spans roughly 3,200 square feet and was built in 1938. The stone house has an attached, two-car garage and slate roof. Inside, there are tiled entry floors, a contemporary-styled kitchen and a family room with a wall of built-ins. Outside, the grounds have mature plantings.
According to Realtor Laura Maychruk’s spring newsletter, the buyers of this house were not alone in offering more than the asking price. In the first quarter of 2026, of the 16 homes that sold in River Forest, 9 sold at or above asking price.
Maychruk shares the statistics that she obtained from MRED, the multiple listing service for Illinois, southern Wisconsin and northwest Indiana.
In Oak Park, 452 Lenox wins for biggest price increase for the first quarter of 2026. Listed at $590,000, the home sold for $710,000 on March 12, selling for
$198 per square foot. At roughly 3,500 square feet, the house has four bedrooms and three bathrooms. The blonde brick bungalow was built in 1924 and has art glass windows spanning the front living room. A basement family room makes the home live large.
In the first quarter of 2026, Oak Park saw sales of 49 single family homes, and 29 of those sold at or above asking price.
In Forest Park, 914 Hannah sold for the biggest increase over asking price. Listed for $349,000, it sold for $375,000 on March 25, selling for roughly $258 per square foot. The three-bedroom, one-bathroom home has over 1,400 square feet of living space. Built in 1952, the home has a cheerful yellow exterior paint job, updated interiors and a two-car garage.
During the first quarter, Forest Park recorded 16 single family home sales, with 7 selling for at or above asking price.
It’s anyone’s guess where the market goes as the spring market transitions to summer over the next two months, but indications are that it will be more of the same. A quick search of closings at the beginning of the second quarter indicates buyers are willing to pay over ask to get what they want. On April 13, 624 S. Taylor Ave. in Oak Park sold for $686,525, a hefty increase over its $595,000 March listing price.