According to Chicago Agent Magazine, the Village of Park Forest is one of 19 suburbs in Chicagoland that saw the "most dramatic year-over-year detached home price increase. "
The real estate publication mentioned Park Forest saw an 18.4% increase. This news comes as the average rate on a 30-year fixed mortgage dropped 22 basis points to 6.4%, according to Mortgage News Daily, the lowest rate since April 2023.
Village officials are in talks with the Cook County Assessor's Office to improve property values so that property taxes are more equitably shared and that, ultimately, the property rate is lowered. They say Park Forest is finally recovering from the housing crisis that plagued the Village with abandoned properties in 2008 until about three years ago.
The Park Forest community has been at, or near the top, of the list over the past few years in year-over-year increases in home sales values. However, realizing the aggregate positive impact in Park Forest’s overall assessed value has been slow to materialize. Data analysis by Village Officials, who monitor home sales trends on a monthly basis, has prompted ongoing meetings with Cook County Assessor Fritz Kaegi and his team. At the most recent meeting in July with the Cook County Assessor and State Officials, Village officials thanked Assessor Kaegi’s office for restoring the Village’s lost assessed value. That being noted, Park Forest believes there is still much to be done to truly recover lost assessed value. To this end, meetings with county and state officials will continue in the days and months ahead to bring about continued, meaningful progress.
As the economy continues to grow and with the South Suburban Land Bank acquiring abandoned houses, things are trending in the right direction.
In July, the monthly average selling price was $148,330, an increase of over $8,000 compared to June. Around 13 homes in the Village were sold for prices ranging between $100,000 and $149,999, and 17 homes were sold for over $150,000—eight of these homes sold for over $200,000.
Sandra Zoellner, Director of Economic Development and Planning, added that various programs are available to lower interest rates and assist with down payments. Staff encourages buyers to seek out Neighborhood Assistance Corporation of America (NACA) for lower-rate loans and the Illinois Housing Development Authority (IHDA) for down payment assistance that does not need to be repaid. IHDA offers $6,000 grants.
If you're in the market for a new home, experts say now is the time to prepare.