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With the housing market booming in some parts of the nation and leveling out in others, data shows the market is stable in the Village of Park Forest.
In June, the average selling price for the month was $124,170. In total, 41 properties were sold; of that, 28 sold for over $100,000 and four sold for over $200,000. The June 2023 Real Estate Transfer Tax records include single-family homes, co-ops, and condos.
The average for the year is now $128,500. At last check, according to Realtor.com, there are 113 single-family houses listed, and they range in price from $35,000 to $329,900, with the average being $153,733.
Jerry Martin, the code enforcement manager for the Village, said he believes things will continue to trend in the right direction.
"I expect the houses to keep selling in Park Forest for the foreseeable future," Martin said. "A couple of weeks ago, I spoke with an experienced realtor that has been doing business in Park Forest for many years. The realtor advised that there is not enough inventory anywhere and that houses often sell in a matter of days."
Martin said he's hopeful to see new construction in the Village. He said developers will be looking to build on vacant lots, assuming the market stays the way it is now.
"A good example is 159 Shabona," Martin said. "This was a property that the Village had to demolish after the great recession. The lot has been vacant for years. In October 2022, a developer bought the lot and built a house. The same developer built a house on Monee Road that is listed for over $300K."
The occupancy ratio is another sign that the market is stable in Park Forest. It sits at 64% owner-occupancy to 36% rental occupancy for the year. While this is a slight dip from last year, it shows people are buying residences and making Park Forest home.