The 414 single family detached homes sold in Highland Park during November represented a 33.5 percent increase over the same period in 2012 when just 310 homes were sold, according to the Mainstreet Organization of Realtors (MORe).
Meanwhile, the median home sales price increased in the City during November. The median price went up 3.4 percent to $491,250 from $475,000 in November 2012, according to the statistics.
Among the 16 Patch communities surveyed throughout the North Shore and Barrington areas, the overall number of homes sold increased an average of 21 percent, significantly higher than the 2.4 percent drop seen across the estimated 200 Chicago suburbs MORe tracks.
The median sales price of homes sold in these Patch communities increased nearly 9 percent from November 2012 to 2013. MORe reports that the overall number of homes under contract to close in 2014 actually increased 12.5 percent.
“We should continue to see a very solid
housing market in 2014,” said Michael Parent, president of MORe and Vice
President of Operations for Burnet Title’s Chicago Region. “The gradual,
sustainable increase of home prices in the Chicago suburban market is an
especially positive trend. Rising values will allow more people to regain
equity in their homes, helping to increase inventory, cut down on the number of
future distressed properties and get the market moving. It’s truly a win for
everyone – both buyers and sellers.”
Top Performers on the North Shore Region
(*Note: The realtors data supplied includes the Barrington area along with the North Shore region.)
- Largest percentage increase in homes sold: Kenilworth (62 percent)
- Largest percentage increase in median sales price: Morton Grove (19.3 percent)
- Most homes sold in November 2013: Barrington area (540)
- Highest median sales price in November 2013: Glencoe ($937,500).