Wednesday, January 24, 2018 || By Local News Curator || @maywoodnews
According to a Jan. 24 Crain’s article, home values in the Chicago metro area “rose at a healthy rate in 2017,” according to data from the Illinois Association of Realtors — especially in Maywood.
“The median price of a home sold in a nine-county Chicago area last year was $235,000, up 5.6 percent from 2016,” Crain’s reports.
In Maywood, home prices rose 44 percent over what they were in 2016, with the average home price last year at $121,000.
In Bellwood, home prices rose 17 percent over what they were in 2016, with the average home price last year at $140,000.
In Melrose Park, home prices rose 5 percent over what they were in 2016, with the average home price last year at $175,000.
A screenshot of a Crain’s map showing the change in 2017 home prices. | Crain’s
According to Crain’s suburbs were included in the map “only if they had 25 or more sales during the year,” which might explain Broadview’s exclusion.
“In the city, the data provider breaks sales down into two types, detached (houses) and attached (condos and townhouses); for each neighborhood, we have included data for either of these types only if there were at least 25 sales of that type during the year.
“Data are available only for Cook, DuPage, Lake and Will counties, and in those counties it’s not available for all towns. The color used in the map shows the price change for the type of home that had the most sales in that neighborhood.” VFP
Read the full Crain’s article here.
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