Today Zillow released their2nd Quarter Home Value Reports, detailing what is happening with home values around the country and in the Chicago metro.
When you look at greater Chicagoland, overall homes experienced a 7.3% year over year decline in value. The up side to this is that if you have owned your home for more than 5 years, overall we are still up 2.3% (which is a lot more than what some US metros can say).
| Metro Area Home Value Performance | |||
| Home Type | Current Zillow Home Value Index | Year Over Year Change | 5-Year Annualized Change |
| All Homes | $244,353 | -7.3% | 2.3% |
| Single Family | $252,917 | -7.6% | 2.6% |
| Condo/Coop | $214,283 | -5.2% | 2.0% |
| Bottom Tier | $158,051 | -4.9% | 3.2% |
| Middle Tier | $241,691 | -7.2% | 2.1% |
| Top Tier | $402,873 | -7.1% | 2.1% |
Here are some of the biggest gains and declines in the area:
- Quarter over Quarter: Lake Bluff, up 5.8% ; Melrose Park (60160), down 6.5%
- Year over Year: 60605, up 6.7% ; 60620, up 6.4% ; Northbrook, down 19.2% ; Des Plaines, down 18.4%
- 5 yr change: North Center and Austin, up 7.7% ; Plainfield (60585), down 1.2%
- 10 yr change: Logan Square, up 9.7% ; Harvard, up 1.4%
Before you start calculating what 7.3% is of what you think your house is worth, remember that real estate is LOCAL. I give you those far reaching numbers, so that you have a benchmark. But it is important to know what is happening in your immediate area, as various neighborhoods are experiencing different growth rates.
Here is a partial list of some of the more popular areas in Chicagoland. For a complete list or to see other areas of the country, please visit this link to Zillow's Home Value Report.
|
City
|
Zindex
|
Quarter Over Quarter Change
|
Year Over Year Change
|
5 Year Annualized Change
|
10 Year Annualized Change
|
|
Antioch
|
$227,500
|
1.0%
|
-1.5%
|
4.0%
|
4.8%
|
|
Arlington Heights
|
$314,828
|
0.2%
|
-8.8%
|
1.6%
|
5.6%
|
|
Lake Forest
|
$852,500
|
2.8%
|
-5.8%
|
2.5%
|
7.0%
|
|
Palatine
|
$352,284
|
-1.8%
|
-11.3%
|
1.5%
|
5.4%
|
|
Skokie
|
$303,448
|
-4.2%
|
-14.3%
|
1.2%
|
5.9%
|
|
Wilmette
|
$711,681
|
1.3%
|
-7.3%
|
4.0%
|
6.1%
|
|
Winnetka
|
$937,371
|
3.0%
|
-7.2%
|
3.4%
|
6.3%
|
|
Elmhurst
|
$385,163
|
-3.5%
|
-5.4%
|
4.2%
|
7.0%
|
|
Glen Ellyn
|
$364,172
|
-0.6%
|
-4.3%
|
3.7%
|
5.6%
|
|
Schaumburg
|
$277,845
|
-0.2%
|
-3.9%
|
1.5%
|
5.7%
|
|
Wheaton
|
$332,929
|
-1.0%
|
-3.9%
|
3.7%
|
5.4%
|
|
Hoffman Estates
|
$338,060
|
-1.2%
|
-8.7%
|
2.5%
|
5.7%
|
|
Evanston
|
$427,198
|
-1.0%
|
-11.7%
|
1.4%
|
5.8%
|
|
Oak Park
|
$372,198
|
-2.0%
|
-6.3%
|
2.0%
|
7.9%
|
|
Joliet
|
$143,360
|
0.8%
|
-5.1%
|
5.5%
|
5.7%
|
|
Bolingbrook
|
$282,833
|
-2.2%
|
-9.6%
|
1.8%
|
5.7%
|
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