Elk Grove Village Illinois Median Home Prices
The graph displayed below is the median home prices in Elk Grove Village from June 2007 to December 2009. The median price is the point at which half of all homes are sold for more and half are sold for less.
It gives you an idea of what prices properties are selling for in the community. When the median price is on the lower end, more reasonably priced homes are selling vs. the higher end homes. In the current market since January 2009, you can see that the median priced home was $228,000 and then rebounded for June 2009 with a price of $282,000.
This is also following the trend that I have personally seen with first time home buyers moving along the market. Foreclosures are traditionally priced below market and are also adjusting the price downward. There have been very few sales (2) in the upper bracket homes (above $500,000) for quite some time and indicates really no move-up sellers over the last year.
The market slowdown actually began to occur for Elk Grove Village and the overall Northwest Suburbs in October 2007 which is a surprise for some people. The market did not just stop overnight! Currently we've had a rebound of prices in September 2009 to $285,000 and then ending at $258,000 for December's numbers.
For the last 6 months of 2009 the highest sales price has been $630,000 and the lowest sales price was $121,000 - ouch! Someone sure got a sweet deal with that 3BR house. Who said all the deals were gone?
If you are thinking of purchasing or selling in Elk Grove Village, please consider me your neighborhood expert. I would welcome the opportunity to meet with you and discuss your options in today's marketplace.
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Lyn Sims (847)230-7324
at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Resources: MRED MLS of Northern IL.
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