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What is the Real Value of Orland Park Real Estate?

Orland Park, Illinois is a suburb located approximately 21 miles northwest of the Chicago Loop.

Orland has over 15,000 residents (the Orland Park community comprises approximately 4,000 households). Orland ranks as the seventh wealthiest city in Illinois according to Forbes magazine.

Orland Park Real Estate Market

Orland has one of the most stable home values in the area. This also means property prices have declined significantly in the area since the start of the housing boom. In the two years from 2010 to 2019 homes in this town grew by an average of 11.6%. While other housing markets throughout Illinois have decreased in value by 30% or more, Orland has approximately $2 in difference in value for every $2 invested.

Orland Park Homes for Sale

Orland has a wide range of homes in many price ranges to choose from. High-end homes can run as high as $450,000. Many of these have lakefront views and are near golf courses. The average listing price for a home for sale in this area is $190, Naples, and this represents a three-year low according to the Orland Park Association of Realtors.

Who the Orland Park Home Builder Is

Shea Homes, Towns car Homes, and Herald Homes. Spin is still experiencing a buyer’s market. This comes at a time when builders are reporting strong sales and the pendulum has started to move the homeowner builders market back in their favor.

The history of Orland studio as a homebuilder, shows ten years of Orland Homes building, selling for $25,000 and struggling to sell at $25,000 from 2010 to 2019. Leaving aside high-end houses, the next highest median price home is in taverns at $132,200, a two-bedroom home built-in 2015.

Orland Homes post-2010 Median Price

gauges, on average homes, have lost 9.2% of their value since 2010, with a peak in 2016 and a current median price of $professionals of $for sale listed at $timer, with a few homes listed at $105,000.

Whoa! How is that possible? Well, the bust in the housing market and high construction costs of the last few years led builders to aggressively sell homes to the public. In some cases, a house has gone up in value by $13,000 since it was built. But, for every house that flowed off the builder’s hands, many others sit on the market.

So, caution arrives with new home construction and, especially, Orland Homes due to the new and stricter building code requirements. According to the local building department, they received 46 permits for new houses for the year 2014. This shows that boom times through the early 2010s led to the permits being pulled, and now many houses were never built. And it is for these reasons that many real estate professionals are calling for a cooling-off period before new houses are permitted. They say that the houses that were built from 2010 to 2018 are the real developers and builders who had an impact on property values in Illinois.

In my professional opinion, I believe this period is nearing its end, and analysts and developers are keen to slow down. Money will still have to be spent to bring units to market but at a slower pace. According to the real estate professionals in Illinois, the last two years have seen hundreds of thousands of building permits being pulled because they were never properly permitted. Therefore, the number of new homes that will be sold during this period should stay about the same instead of diminishing. Local builders like Shea Homes are even encouraging homebuyers who wouldn’t get into Orland Homes’ and other new homes in the area just a few years ago to act now so that the new homes in Orland Park will be built instead of on speculation — the fear is that when construction starts again, local worries about the income from these homes will surface and the value of the neighborhood will begin to sink cutting into the pocket of the new homebuyer and in this type of market no one is sure how long it will last.