Chicago-Naperville-Joliet: Zillow® 2nd Quarter Market Report

Those familiar with Zillow.com may agree or disagree (mostly the latter) with the method they use to calculate home values. Zillow offers an alternative to market appraisals based on MLS data. Right or wrong, this is one more resource we can use to provide our clients with a feel of the changing markets. Few days ago Zillow.com published its 2nd Quarter Market Report. Among over 100 metropolitan areas of the United States, the most interesting for folks in Chicagoland is Chicago-Naperville-Joliet Market Report. It paints neither pessimistic, nor highly upbeat picture. Most of the towns in Chicago area experienced a 10% decrease in home values with some previously high-priced areas loosing close to 20%. Those who are disappointed with their homes loosing about 10% of their value in just one year (2nd quarter 2007 versus 2nd quarter 2008), find some comfort in the fact, that the average home values in the entire United States are now down nearly 15%.