It’s a sellers market in the Park Ridge area, and homes aren’t staying long on the market and being sold at more than the asking price. Still, some realtors say sellers are hesitant to …
A home at 235 N. Prospect, Park Ridge, was sold by real estate broker Ralph Milito for $1.8 million on Feb. 29, 2024. He said this is the first year the average asking price for a home in Park Ridge was over $1 million. In this summer’s hot real estate market, average home prices have risen in the north suburbs, with a longtime Park Ridge real estate agent saying this is the first time he has seen the average asking price of a home in the suburb top $1 million.
Milito said the average asking price comes from the multiple listing service, which also includes private listings not found on websites like Zillow, Realtor or Redfin. However, according to O’Sullivan, the increase in home prices isn’t necessarily spelling out ideal conditions for sellers. If sellers need to buy and finance a home once they sell theirs, higher interest rates would practically double their mortgage payment cost over what it would have been just four years ago, she said.
Carol Harczak, managing broker and owner of Re/Max AllStars in Niles, said the owners interested in selling their homes are people with few alternatives, including estates of an owner who has died or retirees looking to sell their homes and head to a warmer climate.
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