Riverside Real Estate Recap for Single Family Homes

If you live in Riverside or want to, you need to know about its property values.  Now that we’re in the 2014 real estate market, let’s examine 2013’s sales and activity figures versus those of 2012. 

Forty-four three-bedroom, single family homes sold in 2013.  This figure is down 17% from 2012’s total of 53 homes sold.  But, the good news is, the median sales price of 2013, $333,500, is up 2% – not as many homes sold but they sold for more dollars. 

Of the 44 homes, the lowest price was $65,000, a foreclosed property at 60 E. Quincy and the most dollars, $515,000, were paid for 193 Woodside.  

Almost the same number, 43, four-bedroom single family homes sold in 2013 versus only 29 in 2012 – that’s a huge, 48%, increase.  And while the volume is impressive, 2013’s median sales price for these properties was $415,000 versus prior year’s $410,000 which gives us not quite a 1.5% increase in dollars.  In this size home, it seems that even though many, many more sold; they sold for fewer dollars than in the prior year.  

The least expensive sale was for $150,000 a short sale, at 204 Fairbanks and 118 Akenside was the highest at $920,000. 

Bigger may not always be better, but when it comes to five-bedroom or more, single family homes, the statistics in our 2013 versus 2012 review tell the best story for Riverside’s home values improving.  Eleven sold last year which is up 55% over 2012’s sale of six.  And, the median price came in at $562,500, an increase of 83% over 2012’s $363,750.  

A foreclosed home with five-bedrooms at 231 Addison, sold for $210,000.  More than half of the 2013 sales closed for more than half a million dollars with the most expensive, a six-bedroom home at 213 Bloomingbank, selling for $795,000.   

It appears that for most homes, activity was strong, and the median prices increased in all three categories we reviewed.  2013 showed a stronger real estate market in Riverside than the prior year.  Let’s hope this trend continues throughout 2014.  

CLOSED 3 Bedrooms in 2013:

Foreclosures:                5 ranging in sales price from $ 65,000 to $411,500                                

Short Sales:                  1 sold for $285,000     

CLOSED 3 Bedrooms in 2012:

Foreclosures:                4 ranging in sales price from $145,900 to $285,949 

Short Sales:                  5 ranging in sales price from $200,000 to $540,000   

CLOSED 4 Bedrooms in 2013:

Foreclosures:                4 ranging in sales price from $232,423 to $389,000                 

Short Sales:     5 ranging in sales price from $150,000 to $494,000                                 

CLOSED 4 Bedrooms in 2012:

Foreclosures:                1 sold for $263,600                             

Short Sales:                  3 ranging in sales price from $270,000 to $570,000                             

CLOSED 5 – 5+ Bedrooms in 2013:

Foreclosures:                2 with sales prices of $210,000 and $333,888 

Short Sales:                  none    

CLOSED 5 – 5 Bedrooms in 2012:

Foreclosures:                none                

Short Sales:                  1 sold for $290,000                 

Note:  All data is taken from Midwest Real Estate Data (MRED) which is the data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents, and appraisers. 

Maria Murzyn works for Wednesday Journal Publications and is a Realtor at Gloor Realty Co. in Oak Park.