Real estate market report for South East Oak Park

In South East Oak Park, the real estate market is currently vibrant and decidedly in favor of sellers. There are nine homes listed for sale, including single family homes, condos, townhouses and two flats, boasting an average price of $492,000.   Overall in Oak Park, there are currently 107 homes for sale including single family homes, condos, townhouses. 

Currently in South East Oak Park there are 11 homes are under contract with an average price of $398,000. Over the past three months, nine homes have successfully sold at an average price of $388,000 compared to an average sales price of $482,500 throughout Oak Park. With an average inventory lasting just over two weeks, this rapid turnover highlights a strong seller’s market. For context, a seller’s market is defined by one to three months of housing inventory, whereas a buyer’s market would require more than six months of inventory. Clearly, Southeast Oak Park is far from becoming a buyer’s market. Furthermore, the average market time for homes in the 60304 ZIP code is 43 days, as reported by Infosparks, which underscores the swift pace at which properties are changing hands.

Amidst this bustling real estate activity, it’s crucial for homeowners to keep their properties in prime condition, not only to capitalize on the current market but also to prevent future issues. Spring brings the perfect opportunity to undertake essential maintenance tasks. Key recommendations include:

  1. Gutter Inspection and Cleaning: Remove debris from gutters and downspouts to ensure effective water drainage and prevent potential damage to your home’s foundation. Repair any signs of wear or damage to avoid water-related issues.
  2. Roof Shingle Examination: Post-winter, inspect your roof for any missing, loose, or damaged shingles. Address these issues promptly to prevent leaks. It’s also advisable to check for and clean off any moss or algae growth.
  3. HVAC System Servicing: Arrange for a professional HVAC service to prepare for the warmer months ahead. This should involve air filter replacement, duct cleaning if necessary, and a general system check to ensure efficiency and extend its lifespan.
  4. Windows and Doors Leak Check: Investigate for leaks or drafts that may have developed over the winter. Replace any compromised caulking or weather stripping to enhance energy efficiency and comfort.
  5. Lawn and Garden Preparation: Early spring is the ideal time to clean up your yard, aerate the lawn, and check outdoor faucets and irrigation systems for damage. Planning your garden and starting to plant trees, shrubs, and perennials can set the stage for a lush outdoor space.

By adhering to these spring maintenance tips, homeowners can ensure their properties remain safe, efficient, and appealing through spring and into summer, perfectly aligning with the thriving real estate market in Southeast Oak Park.

Robert Hann
BHHS Chicago
Cell:  847-567-3518