A recent analysis of the 2024 housing market by Forbes predicts that the spring market might not be free of the problems that hampered the 2023 market. Marked by high mortgage rates, rising home prices and record-low housing stock, the 2023 market made it hard for new home buyers to get their feet in the door.
Current homeowners, who might want to move up to a bigger home or downsize later in life, were less likely to do so when buying a new home meant taking on a larger monthly payment with a higher interest rate.
A look at single family homes for sale now in the near west suburbs points to a small inventory of houses available headed into spring.
As of publication, there were 45 single family homes listed on the Multiple Listing Service in Oak Park, River Forest and Forest Park combined. This number does not include homes listed on the Private Listing Network, a tool real estate professionals are increasingly using to market homes among themselves without listing the homes to the public on the MLS.
In Oak Park, there were 29 single family homes on the MLS.
The highest priced home on the market is 1201 Woodbine. Built in 2012, the home boasts 4,668 square feet and is priced at $2.19 million, or roughly $470 per square foot. The home has six bedrooms, five full bathrooms and was built in a Prairie style meant to honor the legacy of Frank Lloyd Wright. On a double lot near Lindbergh Park, the home offers a heated pool and has a 2022 property tax bill of $40,661.
On the lower end of the price scale, 934 S. Austin is priced at $329,900. At 1,056 square feet, that price is the equivalent of $312 per square foot. The home was built in 1914 and has three bedrooms and one bathroom. There are hardwood floors in the living area, a front porch, stainless steel appliances in the kitchen and a finished basement. The home had a $7,654 property tax bill in 2021.
In River Forest, there were only three homes listed on the MLS and no single-family home listings priced under $1 million.
At the high end of the scale, is 706 Monroe. The 1910-era home was entirely rebuilt in 2023 and is touted as being 97% new construction. At 4,000 square feet and priced at $1.89 million, the home costs roughly $473 per square foot. The home has white oak flooring, a new chef’s kitchen and five full, new bathrooms, as well as five bedrooms. The home’s property tax bill in 2021 was $9,651, which may not reflect the value of the construction completed in 2023.
The lowest priced single-family home in River Forest is 1145 Thatcher. Built in 1929, the brick home has leaded glass windows and two woodburning fireplaces. Priced at $1 million, or $324 per square foot, the home is about 3,085 square feet. There are five bedrooms, including two third-floor bedrooms, three full bathrooms, a finished basement and attached garage. Property taxes in 2022 were $22,215.
In Forest Park, there are 13 single-family homes on the market.
The highest priced is a newly built home at 838 Circle Avenue. Priced at $769,000 the home has four bedrooms and 3.5 bathrooms. The home’s MLS entry does not include square footage. There are 9-foot-high ceilings throughout and a new garage as well. Property taxes in 2021 were $611, which does not reflect the house, which was constructed after that date.
The lowest priced home in Forest Park is 820 Elgin, which is listed for $224,900. Built in 1909, the home had been used as a two-unit building, but the listing states the home must be de-converted and returned to single-family home status. At 1,628 square feet, it is priced at $138 per square foot and is listed as a four-bedroom, two-bathroom home. The house is being sold in as-is condition and has a 2022 property tax bill of $9,205.