The video below is a funny rap video put on by REALTOR Brian Block, who works in Northern Virginia and Washington D.C. It has always seemed like the D.C. market was hot compared to the Midwest, even when it was cooling off during the recession. According to Brian, in his area 'houses gettin' sold!"
How Does Orland Park Real Estate Compare?
In the lower price ranges, Orland Park real estate is pretty hot. For instance, a search for Orland Park homes for sale priced under $100,000 brings up two listings, both Contingent (this means there is an accepted offer waiting for attorney review, inspection and financing). Inspection and attorney review periods are 5 business days after contract acceptance, so it's usually contingent on financing a week later. Right now there aren't any available Orland Park homes for sell under $100,000.
That is considered a very low price range for Orland Park, but a popular search is $100,000-$200,000. There are currently 27 Orland Park homes for sale, but 12 are Contingent and 2 are temporarily off-market. So technically, almost half of the homes currently on market are sold. Why did some sell and others didn't in such a low price range? Some homes might still be overpriced for their current condition. A home priced at $199,900 that is truly only worth $150,000 will sit on the market. Homes can be overpriced in any price range. I'm working with buyers in this price range who feel there is nothing decent on the market, even though they're looking the high $100,000's.
Going into the $200,000-$300,000 range brings many more Orland Park homes for sale at a count of 77 today. Out of that number, 29 are sold (Contingent) and 5 are temporarily off-market. I think those are pretty good stats and that we'll be seeing a lot more homes sold this year than last year, which was better than the year before.
I'm not going to go through every price range, and as you get higher in price it becomes a buyer's market as there are fewer buyers for the amount of higher priced homes available. We might not be as hot as D.C. (or Phoenix or Las Vegas or most of California), but we're doing better than in the past. Buyers in the lower price ranges are finding out their lowball offers aren't working and many are up against other buyers and involved in bidding wars. If you're interested in Orland Park real estate or any other southwest suburb, give The Judy Orr Team a call at 708-536-8200 or Contact Us.