Crain’s Chicago Business opened the month of March by naming Forest Park a “hot spot” for those who want buy a home.
“Joined by Oak Park and River Forest in a triumvirate of suburbs that are handsome, historical and connected to the city by the CTA, Forest Park is the most affordable of them,” the article on ChicagoBusiness.com reads. “The comparably low prices appeal to both young home buyers and rehabbers, which has resulted in a low inventory of homes for sale.”
The median sale price for homes in 2017 was $210,250, up more than 10 percent from the year before, Crain’s said, citing stats from Midwest Real Estate Data. Crain’s called Forest Park’s housing market hot because of its relatively affordable homes that don’t stay on the market long, forcing prospective home buyers to make decisions quickly. For example, a townhouse on Grove Lane sold for $324,000 only four days after being put on the market in January.
Last year, homes in Forest Park sold in an average of 77 days, 12 days faster than in 2016. Crain’s partially credited the Madison Street business district in Forest Park for the town’s hot housing market.
Augie Aleksy, former president of the Chamber of Commerce and owner of Centuries & Sleuths Bookstore—which just so happens to be located on what Crain’s called that “lively, funky downtown strip,”—said the recent ChicagoBusiness.com article “illustrates how important a healthy shopping district is to prospective home buyers and how it keeps home values competitive.”
Jody Lay, general manager at Francesca’s Fiore, added: “I think the influx of new residents and businesses is an excellent indicator of what’s to come, with new culturally diverse restaurants and trendy retail shops. This is an exciting time for Forest Park.”
Crain’s noted the only soft spot for Forest Park is its schools.
“Open-enrollment public schools within their boundaries receive low ratings, but there are bright spots in the specialty and charter schools, such as Proviso Math & Science Academy,” the article states.