Property values in Itasca, IL, are about the same as 3 years ago. The data covers the last 3 years and shows that although the number of homes sold is down significantly, the values have remained relatively stable. 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, Itasca has shown declines in the number of homes sold just like the rest of the country. As a percentage, home sales are down about 47% 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 local home values over this same period of time.
This graph shows the average price of homes sold in Itasca in the same time frame. Notice that the price from the last 12 months is only about $6,300 less than the prices three years ago and the prices actually went up about $35,000 in the 2006. The current prices are down about 1.4% compared to the prices 3 years ago, which is down only about 0.7% per year.
As the national media reports the doom and gloom, the local data shows that the prices are about the same as 3 years ago. The reason is that real estate is LOCAL, not national. Each state, county, city, and neighborhood will have varying property values. Consult your DuPage County Realtor to get an accurate home valuation.
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.
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