Burr Ridge Housing Market Has Another Strong Month

The 11 detached, single-family homes sold in Burr Ridge during February 2013 represented a 175 percent increase over February 2012, when four homes were sold, according to the Mainstreet Organization of Realtors (MORe).

The number was slightly down from January 2013, when 12 homes were sold.

The median price of homes sold was also up in Burr Ridge. The median price rose 84.3 percent year over year, from $317,500 in February 2012 to $585,000 in February 2013.

The market for detached, single-family homes in suburbs throughout DuPage County saw growth in January, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

Overall across the Chicago suburbs, sales of single-family detached homes rose 37.5 percent in January over the same month in 2012, according to MORe. 

MORe predicts February will be another month of local housing market growth, as the number of detached homes under contract in January 2013 was 60 percent higher than in January 2012.  

“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”

585,000

317,500

273,750

257,500

282,322

286,000

403,750

282,500

366,000

275,000

1,135,000

448,750

319,250

215,000

385,000

382,000

265,000

282,000

236,500

226,975

Source: Mainstreet Organization of Realtors