Oak Lawn Real Estate Sales Statistics 2008-2009

Posted by Judy Orr on Thursday, January 21st, 2010 at 1:10am.

It's statistics time to see how different southwest suburbs have fared over these tumultuous years. The first chart is for Oak Lawn homes for sale and the second chart is for all attached Oak Lawn properties.

Detached Oak Lawn Homes Sales Statistics 2008-2009

Number of Homes Sold Average Sale Price
2009 2008 % Change 2009 2008 % Change
313 268 16.8% $196,518 $237,064 -17.1%

As you can see, the number of Oak Lawn homes sold has increased and has the highest amount of homes sold comparing the 3 top southwest suburbs reflecting most homes sold (Oak Lawn, Orland Park and Tinley Park). That's the good news, but as you can see, prices have dropped 17.1%. Ouch! Average prices of Oak Lawn homes is back in the $100,000 range, high $100's, but no longer in the $200's as has been experienced for many years. These are simply the facts and many sellers will be discouraged by this, although buyers will rejoice.

Oak Lawn Condos and Townhomes Sales Statistics 2008-2009

The MLS compiles data combining any attached property such as Oak Lawn condos, townhomes or duplexes.

Number of Attached Properties Sold Average Sale Price
2009 2008 % Change 2009 2008 % Change
143 175 -18.3% $113,013 $142,005 -20.4%

As expected, we are seeing drops in units sold and prices for all Oak Lawn condos and townhomes. And they are double digit decreases. There have been price decreases since 2007. When will it stop? Have we hit bottom? I cannot tell you that since I do not have a crystal ball. With expectations of higher interest rates, prices might have to continue to drop in order to get properties sold. It is my belief that the price boom we experienced was not able to sustain itself. Prices were increasing disproportionately to earnings. The market continues to correct itself. If you're in the market to buy or sell an Oak Lawn property or any other southwest suburb, please fill out the Automated Home Finder Form and/or Internet Market Value Form.

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