Property values in Hanover Park, 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 home values are similar to 2005. 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, Hanover Park has shown declines in the number of homes sold just like the rest of the country. As a percentage, home sales are down about 54% 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 Hanover Park in the same time frame. Notice that the price in 2007 is about $1,300 more than the prices three years ago and the prices actually spiked about $20,000 in the 2006.
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.