By Michael Romain
A local market update compiled by the Chicago Association of Realtors (CAR) reports signs of progress in the Maywood housing market for the month of July. The median price of homes up for sale in the Village in July stood at $45,000, a 59.3 percent increase over last July’s median sales price of $28,250. Among the West Cook County municipalities the CAR tracked, Maywood’s median home sale price ranked the lowest, despite experiencing the second highest increase over last July’s median.
In Bellwood, Berkeley, Berwyn, Cicero and Hillside, for instance, the median sales price of homes on the market in July 2013 was $55,000, $90,000, $108,251, $65,150 and $121,000, respectively. The July median sales price of all homes in the West Cook County area was $155,750, an increase of 9 percent over last July’s median. The chart below tracks the six-month average change in median sales price in West Cook County from the prior year, from 2009 to 2013. As shown, West Cook County has experienced a steady positive change in median sale price since January 2012. Whether or not this trend holds over the long-term is yet to be seen.
When comparing the median sales price increase in the Village for the entire year, however, conditions cool tremendously. Maywood’s median sales price for housing in 2012 was $35,000. So far in 2013, that figure stands at $38,000, for a much more tepid 3 percent increase; thus indicating that, while July 2013 was a particularly sizzling month for home sales in Maywood, the same has not necessarily held (nor will hold) for other months this year.
This July, Maywood also experienced a marked decrease in the period of time between when a home is put on the market and when it sales. In July 2012, the typical Maywood home seller would’ve waited 142 days until his or her home finally sold. In July 2013, that wait had been reduced to 77 days, a 45.8 percent decrease. But again, July’s hot housing market does not necessarily mean that the whole of 2013 has been (or will be) a hot housing year for Maywood. Whereas the typical home in the Village sat on the market for 147 days; so far in 2013, that waiting period has been 155 days, a 5.4 percent increase.
Here are some other Maywood housing figures from that CAR report:
Tipping a hat to: Jean Lotus, Forest Park Review. VFP