Property values in Woodridge, IL are 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, Woodridge has shown declines in the number of homes sold just like the rest of the country. As a percentage, home sales are down about 43% 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.
The average value of a home in Woodridge has gone up over each of the last two years. Prices have increased by a total of just over $29,000. In other words, properties in 2007 were worth about 9.5% more than in 2005. This information shows that although the number of homes sold is down considerably, the values of homes have increased as well!
As the national media reports the doom and gloom, the local data shows prices have been climbing. 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.