Downsizing in River Forest: Condos and Options for Empty Nesters
Ready for a home with less upkeep, without leaving the community you love? Here's how River Forest empty nesters are making that move.
Figures from Wednesday Journal reporting and recent MLS listings. Sources at the bottom of the page.
You can keep River Forest and lose the upkeep.
Downsizing doesn't have to mean leaving. Some of my favorite moves are River Forest owners who sold the house and settled into a condo a few blocks away. Same neighborhood, same walks along the Des Plaines River, but no more lawn, gutters or snow. Just a lock-and-leave home that's easy to close up when you travel.
And River Forest's condos are well suited to downsizers. Many are mid-century brick elevator buildings along Harlem Avenue, Park Avenue and the streets near Lake Street, built in the 1960s and '70s with bigger floor plans than you'd guess from the outside. Two-bedroom, two-bath units of 1,300 to 1,600 square feet are common. Some have heated indoor parking. A few have three bedrooms.
River Forest is a smaller, close-knit market, so a little planning goes a long way. The people who do this best pick their favorite buildings early and let me keep an ear out. I often hear about units before they hit the market.
My short advice: pick two or three buildings you'd love, and let me watch them for you. And it's worth adding Oak Park to the list. It's five minutes away, has several times as many condos for sale, and shares the same high school district.
River Forest owners usually have a lot of room to work with.
In 2024 the median single-family home in River Forest sold for about $980,000, up more than 24% in a single year. The median condo or townhome sold for about $260,000. That's a big gap, and for a lot of long-time owners it means you can buy the best unit in the best building and still free up real money.
It also means you have options a lot of buyers don't. Buying the condo without a mortgage contingency, for example, which makes your offer much stronger in a market with so few units.
River Forest median sale prices, 2024. Source: Wednesday Journal.
Your real options in River Forest
Most of my River Forest downsizing clients choose the first option, but each one suits a different kind of life.
Mid-century elevator buildings
The backbone of River Forest's condo market. Buildings like 1010 and 1020 N Harlem, 1535 Park, 415 Franklin and the Valencia at 1005 Bonnie Brae offer elevators, parking and roomy two- and three-bedroom layouts. Most are close to the shopping at Lake and Harlem, the Metra and the Green Line.
Good to know: updated units are popular and move quickly, while original units are a chance to make a place your own.
Boutique and luxury condos
A handful of small buildings have very large units. One full-floor condo at 444 Ashland was listed at $1.2 million, a record for River Forest. They don't come up often, but they're the closest thing to a house without the house.
Good to know: small associations feel like a private club, with everyone sharing in decisions and costs.
Smaller and older buildings
Some River Forest condos sell well under the median, especially one-bedrooms and first-floor units in older buildings near Oak Avenue. They can be a smart fit if you want the River Forest address and don't need much room.
Good to know: some have elevators and some don't, so I'll match the building to what you need.
A smaller house in River Forest
Some people would rather keep a front door and a bit of garden. A smaller brick bungalow or Cape Cod can cut your space in half. You'll still have a little upkeep, but much less than you have now.
Good to know: a first-floor primary bedroom is a great feature to look for if you plan to stay a long time.
Want more flexibility? Renting and senior living are great options too.
Some people sell and rent for a while as they explore. Others love the social life and services of a senior community. In River Forest there's Sunrise of River Forest on North Harlem, and just across Harlem in Oak Park you'll find Oak Park Arms, Brookdale Oak Park, Belmont Village and American House. I don't sell senior living, but I can help you time the sale of your house around a move-in date.
What I check in every River Forest building
Many of these buildings are solid, well-built mid-century construction that's been cared for over decades. Here's what I look into for you.
- Recent improvements. A newer roof or modernized elevator means those projects are already done.
- Reserves. A healthy savings account means a building that plans ahead, and fewer surprises for you.
- Parking. Heated indoor parking is a real perk here, and buyers pay for it. Know whether a spot is deeded or assigned.
- Laundry. In-unit is a big plus, and shared laundry nearby works well for many people.
- What the monthly fee covers. Heat, water and sometimes gas are often included, which can make a unit more affordable than it first looks.
- Building plans. I'll review board minutes so you know what's been done and what's planned.
- Pet and rental rules. Worth checking if you have pets, and a good sign of an owner-occupied community.
- Floor and view. Upper floors with treetop views are lovely. First-floor units offer easy, step-free access.
Taxes, timing and the order of operations
Sell first or buy first?
In River Forest I often suggest buying first, so you're ready to say yes when the right unit comes along. That can mean a bridge loan or HELOC, or paying cash and refinancing after the house sells. If you'd rather sell first, a rent-back gives you time. Either way, we plan it before you start looking.
Capital gains
Under current federal rules, if you've owned and lived in the home for at least two of the last five years, up to $250,000 of profit is excluded ($500,000 for married couples filing jointly). With how much River Forest homes have appreciated, it's worth a quick conversation with your accountant before you list.
Property tax exemptions
If you're 65 or older, the Cook County Senior Exemption ($8,000 off your assessed value) and the Homeowner Exemption ($10,000) follow you to your new place. You just reapply. The Senior Freeze is different: it's tied to the property, so a move generally starts a new base year. The income limit for the freeze rises to $75,000 for tax year 2026. The River Forest Township assessor's office can walk you through it.
Comparing your monthly costs
When you compare condos, I'll put the current tax bill and the monthly fee side by side for each one. A condo with a higher fee that includes heat can end up cheaper than one that doesn't, and many downsizers are pleasantly surprised at the total.
I'm a Realtor, not a tax advisor or attorney. Please confirm the tax pieces with your own professionals.
How we'd do this together
Start with a conversation, not a contract
We talk about what you're looking for and what your house is worth today. Plenty of people start a year or two early, and that's a great time to start.
Pick your favorite buildings
We narrow it to the buildings that fit, review their documents ahead of time, and I keep watch for units, including ones that never make it to the public sites.
Get the house ready without the stress
Sorting through years of belongings is where most people want help. I coordinate cleanout help, estate sale companies, painters and handymen, and tell you honestly what's worth doing and what isn't.
Line up both closings so you move once
Pricing, marketing and negotiating your house, and timing it with your purchase so you're not carrying two places or living out of boxes.
Downsizing in River Forest: FAQ
Are there condos in River Forest with elevators?
Yes. Most of River Forest's condo buildings are mid-century brick elevator buildings, many along Harlem Avenue and Park Avenue near Lake Street. It's a smaller market, so it helps to know your favorite buildings ahead of time.
How much does a condo cost in River Forest?
The median attached-home sale (condos and townhomes) in River Forest was about $260,000 in 2024, according to Wednesday Journal. Updated two-bedroom, two-bath units in elevator buildings often sell above that, and larger three-bedroom units can top $500,000. Monthly association fees in the elevator buildings commonly run about $390 to $570.
Can I find a ranch house in River Forest?
They're uncommon in River Forest. Most downsizers who want one-level living find that an elevator condo gives them that, plus far less upkeep, either in River Forest or nearby Oak Park.
Should I buy my condo or sell my house first?
In River Forest, buying first is often the easiest path so you're ready when the right unit comes along. That may mean a bridge loan, HELOC or paying cash and refinancing later. Selling first with a rent-back is the other common route. I help clients choose before they start shopping.
Do my senior property tax exemptions transfer to a new home?
The Cook County Senior Exemption and Homeowner Exemption apply to whatever home you own and live in, so you reapply at the new address. The Senior Freeze is tied to the property, so moving generally starts a new base year. The River Forest Township assessor's office can help with your situation.
Should I look in Oak Park too?
It's worth a look. Oak Park has many more condos, including many elevator buildings near downtown Oak Park and the train lines, and it's in the same high school district. See the Oak Park downsizing guide to compare.
Thinking about it? Let's just talk.
I grew up in Oak Park and River Forest and have closed more than 1,700 sales here. Call me even if you're a year or two out. I'll tell you straight what your house is worth and which buildings I'd look at.
Related guides
Sources: Wednesday Journal, 2024 median prices · Wednesday Journal, River Forest condo inventory & 444 Ashland · Wednesday Journal, condo listings · Cook County Assessor, Senior Freeze · Association fees from recent MRED listings.