News Flash

Village of Park Forest - Top Story News

Posted on: January 19, 2023

Real estate values on the rise in Park Forest

Real estate NF size

The prices of houses have continued to rise steadily in Park Forest over the last several years. In 2022, the average selling price of the real estate transfer tax stamp was $129,960. 

Larrie Kerestes, the community development director, said this bodes well for the Village of Park Forest.

"Higher house prices increase investment in the housing stock, resale values, homeownership, and decreases the property owners' share in taxes for the municipal portion," Kerestes said.

Housing prices have increased across the Village over the last several years. In 2015, the average cost for a home in the Village was $44,610. The price has more than doubled, with the average price at $130,000 currently.

Kerestes said there was 327 sales total, of which 276 totaled over $100,000, and 50 sales surpassed $200,000. In other words, 67% of sales were over $100,000.

In 2022, 863 Building Permits were recorded with a total cost valuation, including $13,976,723, with $172,444 collected in building permit fees. Since 2019, there have been 800+ building permits recorded over the last four years.

Mark Pries, the Village's finance director, said this trend shows people are investing in the Village.

"Another great thing we're noticing is the occupancy ratio," said Pries. "Right now, the owner-occupancy is 71% compared to 29% of rental occupancy, which means people are buying homes and investing in the community."

Pries said as the prices of homes continue to rise, and new development is underway in the Village, this means property across the Village has more value which shows Park Forest is a stable marketplace to buy a home.

 

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