Household, Local, Park Forest

Park Forest Home Prices Rise in 2022

Two houses for sale by Land Bank
These two houses in the 200 block of Sauk Trail were transferred to the South Suburban Land Bank in late 2021. They are no longer listed with the SSLBDA. The house on the left sold in May 2022 for $55,000. The home on the right was initially listed at $169,950 but sold for $75,000 on April 29, 2022. (Photo: John Hudzik)

Park Forest, IL-(ENEWSPF)- Sale records obtained from the Village of Park Forest showed prices rise for detached single-family homes and attached Condominiums and Cooperatives in 2022. The latter two sales categories were merged in the records from the village. As such, sales of condos and coops ticked up slightly but not as much as single-family homes.

Home prices in 2022 averaged $132,910, up from 102,910 in 2021, a rise of 29.15%. Home prices bottomed out in Park Forest in 2012 at $39,910 after the 2008 housing bubble collapse. Since then, Park Forest home prices have steadily been on the rise. The 2022 average market value of all homes sold in Park Forest was the highest since 1996. Talk of high taxes did not keep people looking to relocate from selling their Park Forest homes at a premium.

The 2022 data is through August 2022 and are based on real estate transfer tax records. Data on sales from 20098-2021 is skewed due to “mortgage industry/Short Sales,” according to the documents received.

Coops and condos averaged $20,430 per unit when the report was created, while in 2021, they averaged $16,080, which still represents a 27% increase, close to the single-family home increase.

The total data received from the village shows below.