Real Estate
Lemont Home Sale Prices Up as Chicago Area Hits Six-Year High
Lemont's real estate market saw a 45.5 percent median price increase as the bulk of the Chicago area saw a bump in year-over-year comparisons.
Home sales in the Chicago area during September were at a six-year high, according to a recent RE/MAX report—and west suburban Cook County saw a similar boost.
According to month-to-date community market statistics from the Mainstreet Organization of Realtors (MORe), 11 homes have been sold in Lemont so far this year - the same number of homes sold to date in 2011.
But as shown in the chart below, the average sale price of a home sold in Lemont this year increased by 13.2 percent over 2011, from $328,636 to $371,954.
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A glance at the median sale price of a home sold in Lemont ($400,000) paints an even rosier picture, showing a 45.5 percent increase over last year's figure of $275,000. Median sales prices are determined by arranging home values in ascending or descending order and selecting the home price in the middle.
In nearby Romeoville, year-to-date home sale prices were down 12.9 percent, with 27 homes sold, compared to 31 by this time last year. The average sale price of a home sold in Romeoville is $115,627; 22.9 percent less than last year's figure of $149,890.
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La Grange Park saw the greatest increase in the area, with the number of homes sold increasing 140 percent in Sept. 2012 over Sept. 2011. The average price of those homes sold jumped by 15.4 percent year over year.
While home sales were flat in Western Springs, the average price rose 45.8 percent in Sept. 2012 over Sept. 2011, according to MORe.
Across the Chicago area, the number of homes sold in September rose by 22 percent over Sept. 2011, according to RE/MAX. At 7,396 transactions, it was the busiest September for home sales since 2006.
“We continue to see good news in the Chicagoland housing market,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network. “Sales are up, average days on the market continue to drop and home prices are stabilizing. These are trends everyone likes to see.”
# of homes sold
Avg. price
Town 2012 2011 % change 2012 2011 % change FOREST PARK 6 4 50.0 % 170,583 166,500 2.5 % LAGRANGE 11 9 22.2 % 363,272 447,222 -18.8 % LAGRANGE PARK 12 5 140.0 % 303,133 262,800 15.4 % LEMONT 11 11 0.0 % 371,954 328,636 13.2 % OAK PARK 27 20 35.0 % 376,011 432,025 -13.0 % RIVER FOREST 10 12 -16.7 % 583,800 695,854 -16.1 % WESTERN SPRINGS 12 12 0.0 % 653,291 448,133 45.8 %
Source: Mainstreet Organization of Realtors
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