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Orland Park Home Sales Continue to Rise

Orland Park's housing market saw another increase in 2012 during October, rising just shy of 62 percent with 34 sales compared to 21 last year. Median selling price also went up.

Orland Park's home sales increased for the second month in a row, compared to sales during September and October 2011, according to a recent real estate report.

The village saw a 61.9 increase in sales for October, with 34 homes sold. In Oct. 2011, 21 homes were sold, according to the report. The median selling price also perked up, going up to $274,950 in Oct. 2012 from $245,000 in Oct. 2011.

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.

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.”

# of homes sold Median price Town 2012 2011 % change 2012 2011 % change CHICAGO HEIGHTS 13 11 18.2%

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

-15% MOKENA 19 16 18.8%

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

12.2% PALOS HEIGHTS 7 11 -36.4%

305,000

202,500

50.6% PALOS HILLS 6 4 50%

198,000

170,000

16.5% PALOS PARK 7 0 --

375,000

0 -- TINLEY PARK 28 19 47.4%

199,500

176,300

13.2%

Source: Mainstreet Organization of Realtors

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Looking for more real estate stories?

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Landmark Flooring November 29, 2012 at 12:06 PM
This is GREAT news and please remember to SHOP LOCAL. By supporting local stores in your community you support local families. Lets rebuild our community together!
laura November 29, 2012 at 02:44 PM
Speaking of real estate trends, check this out: http://www.ninety7fifty.com/ There's an "open house" this afternoon at the 143rd St train station to try to warm up potential renters. But, would you pay $1,450 monthly rent for 756 sq ft ON the RR tracks in Orland Park?? Don't forget, Metra doesn't OWN those tracks, Canadian National RR does, so there STILL can be blaring train horns at all hours. (I know, I can hear them from where I live.) Young workers can live in the Loop or Wrigleyville in same size apartment, with very nominal commute and pay $1k/month or less for very nice rental unit. BTW, weren't these originally billed to us as condos?? And isn't a lot of taxpayer money (via incentives, bond sales etc.) "invested" in this development and a number of OP businesses were displaced to execute this? Who in the Village has been dreaming of creating an OP Utopian Village?? Sword of Damocles poised overhead in Village Hall.....

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