Sales of three-bedroom homes were up 5% in 2014 when compared to those in this category in 2013. The median sales price was $350,000 versus $333,500 in the prior year with 57 homes sold in 2014 and only 44 in 2013.
Four-bedroom homes did even better with a 10% increase in median sales dollars, $459,000 versus $415,900 in 2013. It seems that this high percentage of increase is because it took only 28 home sales to reach this amount while 43 homes in this category contributed to the 2013 median sales price figure. Not as many homes sold but for a lot more dollars.
Regarding the sales of even larger homes, five – five+ bedrooms didn’t fare as well in the median price year-to-year comparison, down 2.5%, $548,250 in 2014 versus $562,500 in 2013 when compared to the smaller sized homes.
Overall, Riverside saw sales increases in three-bedroom homes, four-bedroom homes, and only a small decrease in the larger sized category of five or more bedrooms. All in all, Riverside ended 2014 in a strong position which may continue throughout the 2015 sales cycle. Let’s see if more sellers put their homes on the market for the upcoming Spring sales cycle.
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57 three-bedroom, single family homes Sold in 2014 |
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|
|
High |
Low |
Average |
Median |
|
List Price |
$595,000 |
$165,000 |
$370,363 |
$384,900 |
|
Sold Price |
$583,000 |
$138,000 |
$348,472 |
$350,000 |
|
44 three-bedroom, single family homes Sold in 2013 |
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|
|
High |
Low |
Average |
Median |
|
List Price |
$559,000 |
$79,000 |
$346,074 |
$352,000 |
|
Sold Price |
$515,000 |
$65,000 |
$325,554 |
$333,500 |
|
28 four-bedroom, single family homes Sold in 2014 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$990,000 |
$139,000 |
$511,457 |
$472,000 |
|
Sold Price |
$940,000 |
$145,000 |
$491,125 |
$459,000 |
|
43 four-bedroom, single family homes Sold in 2013 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$920,000 |
$90,000 |
$458,853 |
$439,000 |
|
Sold Price |
$920,000 |
$150,000 |
$436,316 |
$415,900 |
|
6 five – five bedroom, single family homes Sold in 2014 |
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|
|
High |
Low |
Average |
Median |
|
List Price |
$779,000 |
$390,000 |
$580,500 |
$573,000 |
|
Sold Price |
$732,000 |
$325,000 |
$542,250 |
$548,250 |
|
11 five – five bedroom, single family homes Sold in 2013 |
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|
|
High |
Low |
Average |
Median |
|
List Price |
$899,000 |
$179,900 |
$536,982 |
$598,000 |
|
Sold Price |
$795,000 |
$210,000 |
$503,844 |
$562,500 |
Note: “Median Sales Price” is the midpoint between the High price and the Low price and is not the same as the “Average Sales Price”. Since a few high prices or low prices can skew the “Average Price”, the real estate industry places more credibility on the “Median Price” to indicate a specific area’s home values within a specified timeframe.
All data is taken from MRED, Midwest Real Estate Data and was formerly known as the MLS, Multiple Listing Service. It is the source of all real estate activity in our area.
Maria Murzyn is an employee of Wednesday Journal Publications and a Realtor at Gloor Realty Co. in Oak Park.
