When it comes to the real estate market in Deerfield and Highland Park, the latest challenge is the glut of available homes for sale, according to area experts.
Based on data recently released by the North Shore-Barrington Association of Realtors, there were 35 more homes available for sale in Highland Park and 17 more homes available in Deerfield through the end of August compared to the same period in 2017.
The growing inventory in the area means owners of single-family homes should keep strategy in mind when looking to sell, numerous area real estate agents have said.
Lynn Kosner, managing broker for Baird and Warner in Highland Park, which also covers the Deerfield market, said that with the growing number of homes up for the sale in the area, sellers who are seeking top dollar must make their homes stand out.
To do so, they should keep their properties tidy and even consider investing in new appliances or a quick renovation project to entice buyers seeking turnkey homes, she said.
“Condition and appearance are essential,” Kosner said. “You want to make it simple for the buyer with little to be taken care of.”
Before issues with inventory, the area was seeing fluctuations in home vales. For the past two years, home values in Deerfield were increasing but values in Highland Park were decreasing.
Lately, though, the average selling price of a single-family home in both towns indicates a reversing trend, experts say.
The average value of a single-family home in Deerfield dropped from $549,306 to $538,038 in a 12-month span ending in August, according to the association.
In Highland Park, the average value of a single-family home went up slightly during that same span, going from $587,903 to $588,605.
Karen Arenson, managing broker for Coldwell Banker Residential Real Estate for Highland Park and Winnetka, which also covers Deerfield, said past uncertainty with school systems in the area likely was affecting home values in both towns.
Arenson said discussions during the past few years over school closings at North Shore School District 112 may have influenced more buyers to search the Deerfield market since that area, like Highland Park, ultimately feeds into Township High School District 113.
“Any time you have a conflict over school issues going on people are going to wait and see what happens,” Arenson said. “It went up (in Deerfield) when there was unrest in Highland Park. This was going to cool down and it had to drop.”
Steve Sadin is a freelance reporter for Pioneer Press.
![An extra-alarm fire destroyed a home and damaged two others on the near West side Wednesday night, though fire officials said no one was injured in the blaze. The fire broke out around 8:30 p.m. on the 1300 block of West 16th Street in the Pilsen neighborhood, according to a social media update from the Chicago Fire Department. Officials quickly upgraded the blaze to a 2-11 fire. Neighbors who clustered around the scene Wednesday night said the home had been under construction and appeared to be vacant. Although the fire was declared struck out at 9:30 p.m. in a social […]](https://www.chicagotribune.com/wp-content/uploads/2024/04/ctc-l-structure-fire-041724-06.jpg?w=525 "An extra-alarm fire destroyed a home and damaged two others on the near West side Wednesday night, though fire officials said no one was injured in the blaze. The fire broke out around 8:30 p.m. on the 1300 block of West 16th Street in the Pilsen neighborhood, according to a social media update from the Chicago Fire Department. Officials quickly upgraded the blaze to a 2-11 fire. Neighbors who clustered around the scene Wednesday night said the home had been under construction and appeared to be vacant. Although the fire was declared struck out at 9:30 p.m. in a social […]")
