Skip to content
Home » News & Info » Oak Lawn Housing Market isn’t as Hot as Expected

Oak Lawn Housing Market isn’t as Hot as Expected

  • 6 min read

The Spring and Summer months are notoriously hot seasons for the housing market, but this summer’s high interest rates are proving to be chilling affect on many home owners looking to put their property on the market.

This years summer Housing market is historically slow.

Generally the spring and summer months are the busy season in the real estate market. Typically more homes go on sale in the market during the bright sunny days of the year because homes sell faster and generally for more money when the weather is more agreeable. This year less and less homes are entering the sales market and those that are seem to be listed longer before they sell.

High Interest Rates

The Fed has raised borrowing rates again this year increasing the starting APR for mortgages and large loans at 5.25% a significant increase from last years 1.75%. Although rates are lower then they were earlier in the year, these increased high rates have made current home owners reluctant to put their home up on the market, knowing they too will have to buy at this current high rate.

The Pricing bubble hasn’t Popped

Although the asking prices for many homes have begun to decrease and return to more current market values after the huge pricing bubble during 2020 and 2021, home prices are still $10-$20,000 higher than genuine market value. This increase in sticker price, along with continuing high interest rates are greatly affecting home buyers decision making.

Here’s a quick snap shot of Oak Lawn’s housing Market this week.

Central Oak Lawn

Located between 91st & 95th and Central & 52nd. Close to Oak Lawn High School, City Hall and the Library.

Central Oak Lawn

Home prices in this area are more consistent, and demand higher cost per square foot on average, they also sell quicker.

North Oak Lawn

Located between 87th & 91st and Cicero to Austin (Past Central) Closer to Midway/55 and Oak Lawn High School

North Oak Lawn

Home prices vary in this area, demand less per square foot compared to homes more S, and stay longer on the market

Central Business District

Located between 95th & 103rd and Central & Cicero. Close to local shops and restaurants, the hospital and major streets.

Central Business District

Home prices are more consistent, especially further away from major streets, and spend less time on the market.

SouthWest Oak Lawn

Located between 95th & 111 and Central to past Ridgeland. Closer to 294 and other connecting highways

SouthWest Oak Lawn

Home prices here vary greatly from the highs of $4450 to the lows of $170 based on location and proximity to the train.

So what can you do if you’re planning on putting your home on the market soon?

Get a Pre-Listing Inspection

Houses are taking longer and longer to sell and that means less $$$ for you the home owner when it comes to selling your homes. Take the stress and worry out of selling your house for you and the future home owner, by getting a pre-listing inspection. A pre-listing inspection can take some of the hesitancy and mystery out of a property by showcasing its honest current condition at the listing.

Make Your Home Marketable

Since the market is slow, if your are looking to sell, but aren’t constrained by a time frame, now is perfect opportunity to make small updates that can mage the home more marketable. Loss cost, moderate effort projects like repainting the exterior, or updating light fixtures, cabinet hardware, and appliances that will make your home more attractive and sell quicker when you’re ready to list.

You might want to wait.

If your current property is paid for or you’re pretty far into your mortgage payments and the interest is less than the current market’s 5.25% it doesn’t make much sense to sell your home in this current market. Sure you might make $15- $30,000 more for this property now than in a years time, but you will also be purchasing a new property that may also be inflated, and at an increased interest rate. Holding off and updating your property until the interest rates reduce might be smart.

Boost your homes marketability!

Current Homeowners should use this slow period in the market to make small improvements that can boost your homes profitably and speed up the sale processes. Get a Home Inspection today and receive an itemized an list of needed repairs, cost estimation of projects and expenses, and helpful home maintenance tips and tricks.