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Q2 2008 Chicago Real Estate Value Trends

This week Zillow released their 2nd 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 better than what other 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 losses 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, and 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 Reports and click on the EXCEL icon next to the Chicago title. 

Region Name

City

Home Type

Zindex

Quarter Over Quarter Change

Year Over Year Change

5 Year Annualized Change

10 Year Annualized Change

60002

Antioch

All Homes

$227,500

1.0%

-1.5%

4.0%

4.8%

60005

Arlington Heights

All Homes

$314,828

0.2%

-8.8%

1.6%

5.6%

60045

Lake Forest

All Homes

$852,500

2.8%

-5.8%

2.5%

7.0%

60067

Palatine

All Homes

$352,284

-1.8%

-11.3%

1.5%

5.4%

60077

Skokie

All Homes

$303,448

-4.2%

-14.3%

1.2%

5.9%

60091

Wilmette

All Homes

$711,681

1.3%

-7.3%

4.0%

6.1%

60093

Winnetka

All Homes

$937,371

3.0%

-7.2%

3.4%

6.3%

60126

Elmhurst

All Homes

$385,163

-3.5%

-5.4%

4.2%

7.0%

60137

Glen Ellyn

All Homes

$364,172

-0.6%

-4.3%

3.7%

5.6%

60173

Schaumburg

All Homes

$277,845

-0.2%

-3.9%

1.5%

5.7%

60187

Wheaton

All Homes

$332,929

-1.0%

-3.9%

3.7%

5.4%

60192

Hoffman Estates

All Homes

$338,060

-1.2%

-8.7%

2.5%

5.7%

60201

Evanston

All Homes

$427,198

-1.0%

-11.7%

1.4%

5.8%

60302

Oak Park

All Homes

$372,198

-2.0%

-6.3%

2.0%

7.9%

60436

Joliet

All Homes

$143,360

0.8%

-5.1%

5.5%

5.7%

60490

Bolingbrook

All Homes

$282,833

-2.2%

-9.6%

1.8%

5.7%

60515

Downers Grove

All Homes

$340,251

0.1%

-3.2%

4.9%

6.7%

60523

Oak Brook

All Homes

$764,956

-0.6%

-3.0%

5.6%

5.3%

60540

Naperville

All Homes

$404,201

-1.0%

-4.6%

4.5%

6.4%

Albany Park

Chicago

All Homes

$329,526

-2.6%

-8.8%

4.0%

8.2%

Avondale

Chicago

All Homes

$343,750

-2.5%

-7.9%

4.6%

 

Edgewater

Chicago

All Homes

$208,147

-1.9%

-2.7%

1.1%

7.9%

Lake View

Chicago

All Homes

$300,603

0.2%

1.9%

1.6%

6.2%

Lincoln Park

Chicago

All Homes

$391,638

-0.8%

4.8%

1.3%

5.7%

Lincoln Square

Chicago

All Homes

$357,026

-2.8%

-2.1%

3.0%

8.3%

Logan Square

Chicago

All Homes

$361,767

-0.5%

-2.2%

5.2%

9.7%

Loop

Chicago

All Homes

$284,957

-2.3%

2.5%

2.4%

6.1%

Near North Side

Chicago

All Homes

$329,052

-0.6%

3.3%

0.7%

5.1%

Near South Side

Chicago

All Homes

$357,026

-4.4%

5.4%

4.1%

5.4%

Near West Side

Chicago

All Homes

$357,500

2.2%

4.6%

8.1%

 

Rogers Park

Chicago

All Homes

$212,414

-3.1%

-3.2%

1.6%

7.2%

Uptown

Chicago

All Homes

$247,026

-0.2%

-0.6%

1.3%

6.1%

West Town

Chicago

All Homes

$382,629

-2.0%

-3.1%

3.0%

6.0%

 

 

 

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Comment balloon 2 commentsSara Bonert • August 13 2008 11:53AM

Comments

Sara, I really like the presentation.  I am not sure where you got your stats but if you could tie a template with macros to populate the post, this could easily be a monthly, weekly post to your sphere of influence. AJ

Posted by Alan 'AJ' Nisen California Contra Costa Mortgage Officer (A Large Bank in America) about 11 years ago

Hey AJ-

The stats are based on a Home Values Report that Zillow releases every quarter based on the fluations of the Home Value Index (or Zindex).  If you really want to know, this is a great methodology read -http://www.zillowblog.com/zillow-home-value-index-compared-to-ofheo-and-case-shiller-indexes/2008/03/

You are absolutely right about embedding the information and we have actually set up an easy way for you to do this.  If interested, please read this blog post - http://www.zillowblog.com/bloggers-q1-home-value-report-data-is-portable/2008/05/

Posted by Sara Bonert, Real Estate Internet Marketing (Zillow) about 11 years ago

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