Lemont Real Estate Market Ranks Among Most Expensive in Illinois
The average four-bedroom, two-bathroom home in Lemont sells for $458,876, a new report from Coldwell Banker shows.
The real estate market in Lemont currently ranks among the most expensive in Illinois, according to a recent report from Coldwell Banker.
Lemont's average home listing price for a four-bedroom, two-bathroom house comes in at $458,876, the report finds.
Of the 139 real estate markets reviewed in Illinois, Lemont ranked as the 15th most expensive market. Kankakee ($86,621) led the list as the most affordable market, while the report identified Lake Forest ($753,593) as the state’s most expensive market.
The average home listing in Lemont ranked higher than all of its surrounding communities. The report found the average price to be $395,918 in Darien, $360,758 in Homer Glen, $267,559 in Bolingbrook and $204,990 in Romeoville.
The overall state average for four-bedroom, two-bathroom homes in Illinois was $301,258, which is slightly higher than the national average of $293,251.
Coldwell Banker put together its 2011 Home Listing Report by surveying average home listing prices in 2,300 North American housing markets between September 2010 and March 2011. All data was taken from listings on www.coldwellbanker.com.
For the complete report, which lists national figures as well, click HERE.
Here’s how the rest of the surrounding area rated:
| Rank | Community | Average Price |
| 1 | Romeoville | $204,990 |
| 2 | Montgomery | $213,477 |
| 3 | Minooka | $221,384 |
| 4 | Yorkville | $249,339 |
| 5 | Plainfield | 257,870 |
| 6 | Shorewood | $263,427 |
| 7 | Oswego | $267,414 |
| 8 | Bolingbrook | $267,559 |
| 9 | Channahon | $283,943 |
| 10 | Darien | $395,,918 |
| 11 | Naperville | $412,987 |
| 12 | Lemont | $458,876 |
Editor's Note: The chart includes only those communities in Patch's Southwest Chicago region.
Don Mueggenborg
7:28 am on Thursday, June 16, 2011
It looks like some voters in Lemont spent their money on homes instead of passing a referendum to help our kids.
Susan Antonoff
6:40 am on Friday, June 17, 2011
You've made me think about this, Stan. Higher homes values helping the kids with increasing taxes....I don't think it worked out so well so far. Most of those homes built in that price range were built when class sizes were smaller and holding the ever low tax rate of about 1.5%. They benefited from deficit spending and the use of reserve funds to maintain class size and programs. Where has that gotten us? Now if your talking about those big homes and a tax increase to the elementary district, let's say through a passed referendum, then that would bring in more revenue.
Susan Antonoff
6:56 am on Monday, June 20, 2011
Looks like Stan and friend removed their comments?
Hank Olenick
10:03 pm on Tuesday, June 21, 2011
Nope, I didn't remove my comment, Big Brother did.
Dan Lipowski
4:01 pm on Thursday, June 16, 2011
Who is looking to buy a four bedroom, two bathroom home in Lemont? My guess would be a family, with school age children. Will they still pay $458,876 once they find out that Lemont does not support funding education for their local grade schools?
Hank Olenick
10:06 pm on Tuesday, June 21, 2011
That's excellent we don't need anymore residential complexes in this town. We need revenue creating businesses.
Pat Browne
8:16 pm on Thursday, June 16, 2011
Wait till they find out there's 41 kids in the class, no gifted program, no field trips, privately funded Band, athletics, extra-curriculars, etc. Yes, we've done a good job of punishing the kids for the misdeeds or perceived misdeeds of past school boards.
Pat
William Douglass
10:25 am on Monday, June 20, 2011
I question the results of this. What is the data? Over what period of time was the survey taken. Most of the newer homes built in Lemont over the past 10 years or so have been larger (Ruffled Feathers etc...). I haven't seen a new development in years and home sales in Lemont have ground to a halt. Low numbers and stagnation do not make for accurate analysis. I do believe we have higher average home values than many of these other Communities due to the mix of properties, but I question the absence of Burr Ridge, Clarendon Hills, Hinsdale, Western Springs, LaGrange, Oak Brook, and other nearby communities from the results.
William Douglass
10:32 am on Monday, June 20, 2011
Another point. The comparisons of home values should only be done on similar propreties. If you take three 4- bedroom houses and one 3-bedroom house in Lemont, and compare them to four 3-bedroom houses in Romeoville, you will obviously conclude that home prices in Lemont are higher. In reality, they might not be. The only real comparison is the 3-bedroom house. Apples and oranges. Dan is 100% correct in his post. Who buys these larger houses and what do they care about. That is the market that those of us with these house should worry about. I have read several articles on real estate in Lemont and I question the conclusions drawn from both. I fear that things are much worse than the picture being painted in these articles.
Amanda Luevano
6:09 am on Wednesday, June 22, 2011
Bill, in defense of this story, all comparisons were done on four-bedroom, two-bathroom homes. No picture being painted. I'm reporting what Coldwell reported, which was that Lemont ranked 15th out of 139 markets surveyed in terms of the average price on a four-bedroom, two-bathroom home.
William Douglass
7:53 am on Wednesday, June 22, 2011
Don't get me wrong. I believe your reporting of Coldwell Banker's report was accurate. I am questioning Coldwell Banker's survey. They are in the business of selling homes. I stand corrected on the 4 bedroom 2 bathroom part. I missed that part. I do think that there is more to the story. Price per square foot, the average square footage of the houses sold, and the average age of the house is also a factor. There still is no explanation for the Communities represented in the survey. Why would a home buyer run out to Oswego to look for a home and ignore property in a community like Clarendon Hills or Western Springs that is 1/2 as far away? I might be wrong, but I know people who are trying to sell their homes and things are much much worse that the picture that is being presented by Coldwell Banker and the other real estate agencies.
Amanda Luevano
10:40 am on Monday, June 20, 2011
"Coldwell Banker put together its 2011 Home Listing Report by surveying average home listing prices in 2,300 North American housing markets between September 2010 and March 2011. All data was taken from listings on www.coldwellbanker.com.";
The data comes from average home listings between Sept. 2010 and March 2011, all of which were on www.coldwellbanker.com.
Hinsdale ranks second in Illinois. I'm really not sure why Coldwell didn't include the other communities in the report. I was reporting on their study, so as far as the study is concerned, Lemont ranks 15th. The communities that we included in the graph (most, at least) are ones closest to Lemont, geographically. So it offers that perspective.
William Douglass
2:45 pm on Monday, June 20, 2011
PC Miler Distances:
SURVEY GROUP
Oswego 32 miles, Montgomery 32 miles, Minooka 28 miles, Yorkville 32 miles, Plainfiedl 19 miles, Shorewood 25 miles, Channahon 29 miles.
COMMUNITIES NOT IN SURVEY
Burr Ridge 15 miles, Oak Brook 26 miles, Downers Grove 16 miles, La Grange 20 miles, Western Springs 16 miles, Clarendon Hills 17 miles, Hinsdale 19 miles, Palos Hill 13 miles.
Don't know if the criteria is geographic. The real question is what is the price of a 4 bedroom home in Lemont versus a 4 bedroom home in ALL NEARBY communities. It should be a given that a 4 bedroom home is more than a 3 bedroom so average price is close to worthless. The home buyers are different. All that really should matter to anyone is what is the price of their home versus the price of a similar home nearby. I don't understand any other valid criteria for putting a value on an asset like a home.
Hank Olenick
2:38 pm on Wednesday, June 22, 2011
"I don't understand any other valid criteria for putting a value on an asset like a home."
How about property taxes?
William Douglass
1:40 am on Thursday, June 23, 2011
What about property taxes? You can't really be serious. If property taxes create home value like you claim then please explain how a home in Clarendon Hills that has the same number of bedrooms and square footage as one in Lemont sells for at least $ 100,000 more. Considering that the property taxes in Clarendon Hills are much higher than Lemont, it appears that property taxes have very little to do with home value.
The only factor that matters is what can you sell it for. For some reason Coldwell Banker is ignoring Communities that are nearby in their analysis and people like you are doing backflips ignoring the obvious.
Hank Olenick
10:41 am on Thursday, June 23, 2011
So you don't feel that a potential buyer takes tax rates into consideration when purchasing a home?
Susan Antonoff
3:56 pm on Monday, June 20, 2011
I would also like to know the value of these average homes sold before the economy tanked and after the failed referendum. I think the percentage in drop price would be more interesting.
martin finn
9:44 am on Thursday, June 23, 2011
Bill, I am not quite sure what your point is, but, if you rale against the findings in this article perhaps it is because it does not fit your Lemont is broken argument. The fact is, if Lemont is broken it is only because government, in general is broken. $140 million saved overnight by combining some services of Cook County and the city. A summer works program (POETS) designed to teach kids the value of responsibility and keep them out of jail. What happened? The adults stole the money, the kids didn't get hired or paid, no lessons were learnded (or worse) and we will still have to pay for the kids to be incarserated someday. Over eight thousand illinois taxing authorities. Credit cards on public monies used without supervision, ED Burke with 6 cop bodyguards fulltime I could obviously go on. And if you don't think that these situations (multiplied by some logarithm) was tied into the 66% state tax hike and then this made passing any referendum anywhere very difficult well, then I will be moving my account from yout firm to Olenick financial Assos.