Addison's home sales have continued to drop, but the prices were growing moderately until the 2nd quarter of 2008. The homes had continued to grow in value over the last 3 years even with the national media talks of bursting bubbles. Now, with national talks of bottoming real estate prices and a beginning of a rebound Addison finally shows decreases.
The graph above shows the decreases in the number of homes sold in Addison over the 2nd quarters of 2005-2008. The number of homes sold is down about 56% compared to 2005, but only about 17% less than last year.
This bar graph shows what has happened to the home values over the same periods. Here you can see the moderate growth over 2005-2007 mentioned earlier. Unfortunately, this year's 2nd quarter numbers are down about $38,000 or about 11.8% compared to 2005.
The national media has stated that the national housing prices topped out in early 2005 and began to decrease in 2006. You can see here that that is not the case in Addison. The prices peaked in 2007 and began to decrease this year. If you would like an accurate home valuation or are looking to buy a home contact your Addison Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The search included only average prices of detached single family homes.