A recent search for detached single family homes in Darien, IL, shows that even though the number of homes sold is down significantly, the homes are worth about the same as three years ago. The graph below shows the decline in home sales is down about 33.5%.
This data confirms what the national media has been saying about the real estate market. It IS true, Darien has shown declines in the number of homes sold just like the rest of the country. Where the news reports go wrong is with the broad generalizations regarding the home prices. Below you will see what has happened to home values locally over this same period of time.
The graph above shows the prices in Darien have dropped slightly by only about $9,000 over the last three years. The decrease in value amounts to about 2.3% which is just over one percent per year and 2006 the prices were actually higher than 2005.
This information shows that although the national media is talking about significant losses in home values, the local values have remained relatively stable. The reason is that real estate is LOCAL, not national. Home values will vary from state to state, city to city and neighborhood to neighborhood. If you would like to receive an accurate valuation of your home, contact your DuPage Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and the Mainstreet Organization of Realtors. The data is considered to be accurate, but not guaranteed.
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