Maywood sees median price increases of 25.3% in the last year. What's Up?

Single family home prices in  Maywood, Il have increased over the last three years. According to MRED MLS statistics for the last twelve months for MLS area 153, the median sales price for Detached Housing increased +25.3%, average marketing time declined -28.4% to 106 days on the market, and there is currently a 5.5 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 54% of total sales.

According to Chicago area appraiser Michael Walsh, this increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.