Crain’s: Maywood Among Suburbs Where Homes Sold Fastest In 1st Quarter Of 2018

Thursday, April 26, 2018 || By Local News Curator || @maywoodnews 

Featured image: A fully rehabbed home at 117 S. 10th Ave. in Maywood that’s on the market. | Caldwell Banker 

During the first quarter of 2018, homes sold faster in Maywood than most other Chicago suburbs, according to a recent Crain’s Chicago Business analysis of data provided by Midwest Real Estate Data and the Chicago Association of Realtors. 

On average, it took 99 days for homes to sell in Cook, DuPage, Lake and Kane Counties during the first quarter, Crain’s reports. In Maywood, it took only 51 days — enough for the village to be among “13 locations in the city and suburbs with super-fast sales so far this year.”

The publication noted that its analysis only extends to places where more than 25 houses were sold during the first quarter of 2018.

Erik Corral, a Re/Max Partners agent, told Crain’s that Maywood is “a rehab market” that seems to be benefitting from the frenzy in “already-rehabbed areas to the east.” 

“Investors can’t pick up projects for as little as they used to in areas like Berwyn and Cicero and even parts of Chicago,” Corral told Crain’s, “so they’re coming over to Maywood, where there’s unfortunately still a significant amount of foreclosures they can get.”

Crain’s noted that Corral has sold “several post-rehab houses in town recently.” The rehabbed homes, Crain’s reported, “appeal to bargain-hunting home buyers.”

“In early December, Corral listed a rehabbed house on 19th Avenue,” Crain’s pointed out. “He had a buyer for it in late January, and the sale closed at $214,000 in mid-March.”

Where homes are selling “super-fast,” according to Crain’s analysis 

Chicago

Condos and townhouses

  • Irving Park (58 days)
  • Logan Square (66 days)
  • Uptown (68 days)
  • Citywide average: 90 days

Houses

  • Belmont Cragin (79 days)
  • Calumet Heights (79 days)
  • Citywide average: 108 days

Suburbs (both types of homes)

  • Maywood (51 days)
  • Cicero (53 days)
  • Norridge (58 days)
  • Romeoville (58 days)

Read the full Crain’s article here. VFP 

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