Burr Ridge Housing Market Shows Growth: October Home Sales
Nearly three times as many homes were sold in October 2012 than were sold in October 2011, according to the Mainstreet Organization of Realtors, though the median price of the homes sold fell.
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The 11 Burr Ridge homes sold in the month of October represented a 175 percent increase over October 2011 home sales, the highest such year-over-year increase among DuPage County Patch towns.
Burr Ridge home sales in October were also up from September, when five homes were sold.
The $570,000 median price of Burr Ridge homes sold this October, however, was 9.5 percent lower than the $630,000 median price of homes sold in October 2011.
The market for detached, single-family homes in suburbs throughout DuPage County saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.
Glen Ellyn saw the largest percent drop, with 18.2 percent fewer homes sold year over year in October. That shakes out to 18 homes sold in October 2012 compared to 22 sold in October 2011.
Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe.
MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011.
“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”
| # of homes sold | Median price | |||||
| Town | 2012 | 2011 | % change | 2012 | 2011 | % change |
| Burr Ridge | 11 | 4 | 175% |
570,000 |
630,000 |
-9.5% |
| Darien | 10 | 7 | 42.9% |
237,500 |
280,000 |
-15.2% |
| Downers Grove | 38 | 30 | 26.7% |
332,500 |
289,000 |
15.1% |
| Elmhurst | 44 | 27 | 63% |
312,500 |
316,500 |
-1.3% |
| Glen Ellyn | 18 | 22 | -18.2% |
487,200 |
286,000 |
70.4% |
| Hinsdale | 16 | 7 | 128.6% |
922,500 |
575,000 |
60.4% |
| Lisle | 10 | 11 | -9.1% |
319,000 |
243,500 |
31% |
| Naperville | 119 | 83 | 43.4% |
380,000 |
390,000 |
-2.6% |
| Wheaton | 52 | 32 | 62.5% |
300,000 |
317,500 |
-5.5% |
| Woodridge | 19 | 17 | 11.8% |
198,000 |
245,000 |
-19.2% |
Source: Mainstreet Organization of Realtors
