Property values in Bloomingdale, IL, are still increasing. Yes, you read that right...increasing. The data covers the last 3 years and shows that although the number of homes sold is down, the values have increased. The chart below shows the decline in detached single family homes sales from 2005-2007.
The data above confirms what the national media has been saying about the real estate market. It IS true, Bloomingdale has shown declines in the number of homes sold just like the rest of the country. As a percentage, home sales are down almost 27% during this period. Where the news reports make their mistake is with the broad generalizations regarding the home prices. Below you will see what has happened to the local home values over this same period of time.
The average value of a home in Hinsdale has gone up over each of the last two years. Prices have increased by a total of almost $28,000. In other words, properties in 2007 were worth about 6.7% more than in 2005. This information shows that although the number of homes sold is down considerably, the values are up!
As the national media reports the doom and gloom, the local data shows prices have been increasing. The reason is: real estate is LOCAL, not national. Each state, county, city, and neighborhood will have varying property values. When you want to know the accurate value of your home, contact a DuPage County Real Estate Agent.
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. The search included only detached single family homes.