The City of Harvey is located in suburban Cook County, approximately 18 miles Southwest of the Chicago "Loop" the city is in decline. People are leaving, the population was 30,000, at the 2000 census, the population was 25,282 at the 2010 census. Real estate prices have been going down.
Real estate appraiser Michael Walsh recently performed a single family appraisal in Harvey and comments on the statistics. According to MRED MLS statistics for the last twelve months for MLS area 426 Harvey, the median sales price for Detached Housing decreased 6.79%, average marketing time increased +13.1% to 121 days on the market, and there is currently a 8.6 month supply of inventory. This level is considered a over supply. Bank Owned/REO & Short Sales account for approximately 75% of total sales.