Residential areas in Oak Park are well known for their unique architecture, quality neighborhood life and variety of options within nearly every budget. As a result, you can find homes ranging from Victorian mansions to modern homes constructed by the many architects influenced by Frank Lloyd Wright’s local studio. Ranging from the city’s Seward Gunderson Historic District to some of the newer neighborhoods in the area, residents enjoy the opportunity to purchase an ideal home within their budget. For families, the area’s housing market provides impressive value since each of the region’s elementary schools feature top quality curriculum and educators. At the same time, young professionals and retirees can find housing that fits their tastes as well.
Recently, average home prices in the area have rebounded after last’s year national shift in the market. Demand for homes in the area is strong given the high quality of life, and new families and residents continue to call Oak Park home. Today, the Median price of active homes on the market is just above $300,000, with a variety of options available within each budget. There are also many rental opportunities for residents as well, providing housing opportunities to nearly every type of resident. There have been fewer than 200 home sales this year with an average of $240 per square foot within the city, making for an active market.
Currently, there are over 500 homes on the market, providing an opportunity for buyers to find an ideal new residence. While there have been some bank auctions on homes, the vast majority of sales are owner-induced and local realtors can show a wide variety of different options. With over 5,000 students actively enrolled in the award-winning Oak Park Elementary Schools, there are a variety of family-friendly neighborhoods through the city. Depending on your particular real estate needs, most young professionals, families and retirees are able to locate a neighborhood suited to their needs within their budget. Local realtors can help guide you to the best local availability, including the variety of open house opportunities in the area where you can see the neighborhoods and homes first hand.
Over 60% of the homes on the market today are single family residences, with a large portion of Condos and rental properties also available. Most homes are between 1000 and 2500 square feet, and most were built in the early years of the city’s history from 1900 to 1940. These rehabbed homes are in good condition, and were built with top quality materials to ensure a long life. When looking at different housing options, make sure that you consider the full variety of upgrades and repairs necessary to the home, although most local owners have done a good job of keeping their homes current. While property taxes in the area are higher than the national average due to the higher quality of public education, overall living costs in the region are quite reasonable when compared to the surrounding areas. An ideal market to invest in a new home, the quality and affordability of Oak Park makes it well worth another look.