Homewood Residential Market Analysis

Average and Median Sales Price

Attached Single-Family

Data collected August 2022

The average sales price in the Chicagoland PMSA for attached single family was $323,231 in August of 2022, up 6.2% over the trailing 12 month period. Cook County experienced a 4.6% annual increase, with the average sales price ending at $359,455 in August of 2022. The subject PMA was significantly lower at $171,945, however, it was up almost 11% from the same time last year.

Please note that the Median Sales Price over the same time period was $249,000 in the Chicago PMSA, up 8.0% over the last 12 month period. Cook County was up 1.9% at $270,000 and the PMA median sales price was up 11.5% at $165,000.

Tables below from MRED Midwest Real Estate Data – December 2022

Sales Comparables

We note that there are very few modern apartment buildings within Homewood and surrounding areas Majority of attachedresidential properties are dated/older style lowrise buildings or townhomes See below a collection of condominium sales of modern lowrise buildings located within nearby/compatible areas to the village of Homewood.

This building is part of the Fountain Hills of Orland Park development which comprises of three 4-story buildings and numerous detached single-family residences. The building is a modern brick building constructed in 2013 and is of average quality Each of the units have lake views and features include: vaulted ceilings, vinyl flooring, gas fireplace, granite, walk-in closets. The building amenities basic and typical for this area and include: elevator, heated parking garage on the ground floor, and landscaping

11110

Comments:

Orland Park provides similar demographics and attributes to the subject, and provides a better indication of the type of property, unit type, and amenities that could be in demand for the Village of Homeward.

Comp 2: “Forest Trails” 6880 Winding Trail, Oak Forest IL

Forest Trails is a modern low-rise brick building constructed in 2014 of average quality. The units feature: vaulted ceilings, granite, skylights, and ceiling fans. The building amenities are basic and typical for this area including: heated ground level parking garage, intercom, lawn with landscaping and pond.

6880 Winding Trail, Oak Forest IL

Comments:

Oak provides similar demographics and attributes to the subject, and provides a better indication of the type of property, unit type and amenities that could be in demand for the Village of Homeward.

Comp 3. “The Residences of Burr Ridge” 1000 Village Center Drive, Burr Ridge IL

The Residences of Burr Ridge comprise of a modern low-rise building constructed in 2013 and is of above average quality. The building is well situated within Burr Ridge Village Center which comprises of multiple fast food, dining, and retail use properties. The Village of Burr Wood is one of the more desirable villages of the southern Cook County area. Unit features are of good quality and include: hardwood floors, granite, California closets, plantation shutters, quality lighting + carpet, in-unit laundry, island bench, good quality bathroom and kitchen fixtures. The building amenities basic and typical for this area and include: landscaping, heated parking garage, and storage space in garage.

1000 Village Center Drive, Burr Ridge IL

Comments:

Average income and average household prices are higher than Orland Park, Oak Forest, and Homewood, therefore there is more of a demand for good quality condominiums in this village and thus a higher $/SF rate is achievable in this market.