As we step into the new year, Oak Lawn’s real estate market continues to show dynamic shifts in various metrics, reflecting both opportunities and challenges for homebuyers and sellers alike. Let’s dive into the key statistics for January 2025:
Market Activity Overview:
- New Listings: In January 2025, Oak Lawn saw a significant increase in new listings, jumping from 34 to 49, marking a robust 44.1% year-over-year growth compared to January 2024.
- Under Contract: The number of properties under contract, including contingent and pending sales, slightly decreased by 11.1%, down to 24 from 27 in January 2024.
- Closed Sales: Despite some fluctuations, closed sales remained steady with 28 transactions in both January 2024 and January 2025.
- Median Sales Price: The median sales price experienced a healthy rise, reaching $312,250, which reflects a solid 5.7% increase year-over-year.
- Average Sales Price: Similarly, the average sales price saw a positive trend, rising by 2.3% to $310,993.
- Percent of Original List Price Received: Sellers in Oak Lawn received an average of 97.6% of their original list price, up by 1.9% compared to January 2024.
- Average Market Time: Homes spent slightly more time on the market, increasing by 14.3% to 64 days.
Inventory Trends:
- Inventory of Homes for Sale: At the end of January 2025, Oak Lawn’s inventory saw a modest increase, rising by 12.5% from 48 to 54 homes available for sale.
Attached Single-Family Homes:
- For attached single-family homes, the market also showed notable changes:
- New Listings: Increased by 10.7% year-over-year.
- Under Contract: A significant rise of 78.6% compared to January 2024.
- Closed Sales: Experienced a slight decline by 5.9%.
- Median Sales Price: Surged impressively by 30.6%, highlighting strong buyer interest and market dynamics.
- Average Sales Price: Rose by 21.5% to $180,294.
- Percent of Original List Price Received: A decrease of 6.7% to 94.0%, reflecting negotiation dynamics.
- Average Market Time: Increased notably by 147.1% to 84 days.
- Inventory of Homes for Sale: Showed a substantial increase of 51.7%.
Conclusion: As we navigate through 2025, Oak Lawn’s real estate market remains active and resilient, characterized by increased listings and rising property prices. Buyers and sellers should stay informed about these evolving trends to make well-informed decisions in this dynamic market.
For personalized insights into how these trends affect your real estate goals in Oak Lawn, feel free to reach out. We’re here to help you navigate every step of your real estate journey with expertise and dedication.
Data source: Midwest Real Estate Data LLC, January 2025.