Real Estate in Chicagoland (Northern Illinois)August 2010For the second month in a row in the Chicagoland area, both the inventory of homes for sale and the average asking prices declined by 1% during the month. The average asking price of homes for sale of $329,000 at the beginning of August was down 1% versus previous month asking prices. The total amount of residential real estate listed in Chicagoland of $36.5 billion dollars decreased by 2% during July. The trend in the Chicagoland area that had been in place during the spring of stable or increasing inventory of homes for sale and higher asking prices has reversed direction.
Not surprisingly Chicago dominates the property listings for Chicagoland representing over 25% of the total properties listed and total value of the real estate on the market. Naperville IL is the community with the second largest amount of real estate based upon a total ask value of $919 million (down 3.5% from June). Lake Forest IL homes for sale are next with $794 million. Lake Forest and Naperville are the only communities besides Chicago with a total asked valuation in excess of $700 million. the next three communities with high valuations of residential properties on the market are: Winnetka IL with real estate for sale of $503 million, St. Charles with a homes and lot valuation of $494 million, and Hinsdale IL properties with a total asked price of $447 million. All of the Glenview IL homes are listed at a total of $421 million, and all of the Evanston IL homes listed in the MLS total up to $399 million. Highland Park IL listed real estate has a total valuation of $418 million, Plainfield IL residential properties have a total asking price of $411 million.
Among communities with over 500 properties on the market, Evanston had the most significant month over month decrease at 9% (953 versus 1,042 in June) and Oak Lawn had the largest month over month increase, with a 5% increase in properties for sale (732 versus700 in June) Real estate in Kenilworth IL has the highest average property value at $2.1 million per property listed. There are a total of five communities in Northern Illinois with an average asking price of $1.5 million or more. Winnetka IL with an average property ask priceof $1.9 million; Barrington Hills IL has an average home price ask of $1.8 million; Glencoe IL with an average home and lot ask of $1.6 million; and Lake Forest IL with an average real estate property ask price of $1.6 million.. Note: This data was aggregated from real estate recorded in the Multiple Listing Services that serve the Illinois area. Properties that do not show up in the MLS like “For Sale By Owner” homes will not be included in these numbers. This data was collected at the beginning of May 2010, and the current numbers will be different as a result of listings being added or removed from the MLS since that time. We can not guarantee the accuracy of the data presented in MLS records. Click here to see the current number of homes for sale and the average asking price for each city in Chicagoland.
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