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Oak Park Illinois Real Estate - Real Estate in Oak Park, Illinois

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The city of Oak Park is a small suburb about 6.5 miles northwest of Chicago. In a town of about 50,000 people, there are a good number of residential homes, apartment complexes, and condominiums that are all available to anyone who can afford them. The median house or condo value is approximately $380,000, which is quite high compared to the Illinois state average of approximately $215,000.

Many of the successful businesspeople who work in downtown Chicago call Oak Park home, which explains why housing prices are high in comparison to other cities within the state of Illinois. The housing market in Oak Park, however, has mimicked that of so many communities around the United States so much that the median house price alone is only $275,000. Sales have fallen off sharply within the past five years, which makes now a great time to find great value in the real estate market.

The average cost of building a house within the city limits of Oak Park has risen over the past ten years from $123,500 to an average of $274,000. The latest numbers are climbing substantially, however the depressed house market may make building a house more affordable than actually purchasing a preexisting house.

Oak Park, Illinois is home to many professional males and females that make the daily 6.5 mile commute to Chicago and back. They are usually in their 30s and 40s and raising children. There are approximately 5,100 houses/condos per square mile, which makes real estate very available to people looking to move into the Oak Park area. With a median gross rent rate of just under $1,000/month, Oak Park delivers great living conditions to those who wish to live close to downtown Chicago but chose to not live in it.

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