Real estate market for South East Oak Park

As of February 2025, the real estate market in South East Oak Park continues to exhibit strong seller’s market characteristics. Here’s an overview of the current market dynamics:

Current Listings and Pricing

• Active Listings: There are currently four homes available for sale in South East Oak Park, encompassing single-family homes, condos, townhouses, and multifamily properties.
• Average Listing Price: The average asking price for these properties is $405,000.

Market Activity

• Pending Sales: Eight homes are currently under contract, with an average contract price of $451,000.
• Recent Sales: Over the past three months, 17 homes have been sold in South East Oak Park, achieving an average sales price of $422,453. In comparison, the average sales price across all of Oak Park during the same period was $468,000.

Market Conditions

• Inventory Levels: The area has an average inventory lasting 1.2 months, reinforcing the presence of a strong seller’s market. Typically, a seller’s market is characterized by one to three months of housing inventory, whereas a buyer’s market is indicated by more than six months of inventory.
• Average Market Time: Homes in the 60304 ZIP code are selling swiftly, with an average market time of 37 days, as reported by Infosparks.

Spring Home Maintenance Recommendations

With the arrival of spring, it’s an opportune time for homeowners to perform essential maintenance to preserve and enhance their property’s value. Here are some key tasks to consider:

1. Gutter Inspection and Cleaning: Clear debris from gutters and downspouts to ensure proper water drainage and prevent potential foundation damage. Repair any signs of wear or damage to avoid water-related issues.
2. Roof Shingle Examination: Inspect your roof for any missing, loose, or damaged shingles. Address these issues promptly to prevent leaks. Additionally, clean off any moss or algae growth that may have accumulated.
3. HVAC System Servicing: Schedule a professional HVAC service to prepare for the warmer months ahead. This should include 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: Examine windows and doors for leaks or drafts. 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 undertaking these maintenance tasks, homeowners can ensure their properties remain in optimal condition, aligning with the robust real estate market in South East Oak Park.

Thanks to Robert Hann at BHHS Chicago for this report