By Michael Sewall
Home prices in both Lake Forest and Lake Bluff rose significantly in January 2014 as compared to January 2013. In Lake Forest the number of homes that sold also increased dramatically, while in Lake Bluff it dropped slightly.
The 20 single, detached homes sold in Lake Forest during January 2014 represented a 122 percent increase from January 2013, when just 9 homes were sold, according to statistics provided by the Mainstreet Organization of Realtors and the North Shore-Barrington Association of Realtors.
The seven single, detached homes sold in Lake Bluff during January 2014 represented a 13 percent decrease from January 2013, when 8 homes were sold,
But the sale prices increased in both communities.
The median home sale price increased in Lake Forest 42 percent to $1,125,000 from $795,000 in January 2013, according to the statistics.
Lake Bluff saw and even bigger jump. There, the median home sales price went up 49 percent to $675,000 from $452,500 in January 2013, according to the statistics.
“Home prices in suburban Chicago have continued to experience healthy, sustainable growth in the first month of 2014,” said Michael Parent, president of MORe and Vice President of Operations for Burnet Title’s Chicago Region. “One of many factors driving increased prices is a continued lack of inventory, which will likely improve as people come out of hibernation and the market starts breaking open in March or April.”
- Largest percentage increase in homes sold: Darien (100 percent)
- Largest percentage increase in median sales price: Kenilworth (121.6 percent)
- Most homes sold in January 2014: Naperville (74)
- Highest median sales price in January 2014 (MORe): Hinsdale ($770,000)
- Highest median sales price in January 2014 (NSBAR): Winnetka ($1.578 million)