While the national real estate market experienced a downturn over the previous two years, the property market in Oak Park has held up reliably well. This provided opportunities for first time home owners, as well as helping to secure the financial futures of a wide variety of local families. Oak Park’s commitment to excellent educational, cultural and commercial institutions has helped property values hold up reasonably well, while active development has encouraged new families to call Oak Park home. This development is expected to continue.
One of the key drivers to property values is the quality of community life, and Oak Park has continually been recognized for one of the top national educational systems. Its high quality elementary, middle and high schools provide top quality educational, athletic and cultural opportunities, helping to elevate property values. At the same time, the city is an affordable source of housing for many families, providing a perfect balance between quality of life and living expenses. While the national downturn in real estate led to substantial declines in property values, foreclosure rates and vacancies, the regional Oak Park market has held up well over the past two years. Residents in Oak Park are still able to access stable lines of mortgage credit to find or refinance home purchases, even if markets are tighter than they were years ago. The extensive rebound in popular markets such as Oak Park makes buying a home in the area a great investment in nearly any era.
Today there are over 600 homes for sale in the Oak Park area, with an active community of buyers seeking opportunities in the area. The result is an active real estate market ideal for new residents, as well as a fair market for local sellers. Homes north of the Eisenhower 290 Expressway are in high demand for Chicago residents, new families moving to the area, as well as individuals seeking to move from neighboring cities such as Cicero and Berwyn. The average home in the area was built in 1916 with higher than normal property taxes due to the high funding levels for local schools. Families are able to benefit from local schools substantially, providing a variety of benefits to families of all sizes.
The median home price in the city has fallen since last fall, although there has been a strong rebound since spring, reflecting underlying strength in the local real estate market. The majority of homes in the market are for single family households, while the market also features a variety of condo and rental properties as well. Most homes in the area are less than 2,400 square feet, with the majority averaging nearly 1,650 square feet. As a result, families can find affordable, high quality space with ideal locations. Most homes in the area were built in the pre war era and have been substantially updated by their current owners. Many families are also opting to build new homes in the area, given the high quality of life.
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