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Home values are generally rising in the upper Midwest but at a moderate pace. In the Twin Cities, for example, home values have increased year-over-year by nearly 22 percent; in Chicago proper, they are trending upward at 3.3 percent. The Chicago suburbs are moving upward at a faster pace, according to Zillow.
Zillow Chief Economist Dr. Stan Humphries points out that, across the country, several hot markets that were already expensive to begin with were getting too far out over their skis, as rapid home value appreciation and rising mortgage interest rates outpaced income growth and risked causing these markets to become unaffordable.
“It’s good to see the pace of home value appreciation moderate,” he said, “allowing the market to get back into a more sustainable balance and not topple over. Home value appreciation is better when it’s boring, and we expect to see continued moderation.”
Irving Park home values have risen by 41 percent over the last year. The median selling price of a home there is $181,000, but home sales are low – just 13 homes have sold in the past year.
Kelvin Park home values rose 27.3 percent in the same time frame with a median home value of $172,500. In Hollywood Park and Cragin, home values have risen 24.1 percent. The median home value in Hollywood Park is $245,100; in Cragin it is $183,700. Schorsch Village comes in as the fifth highest home value jump in the Chicago area with a one year increase of 21.4 percent. Median home values there are $215,700.
In general, the Chicago area tends to be more expensive for home buyers than other parts of Illinois. Across the state, home values have improved slightly more than in Chicago for an average of 4.7 percent. The median selling price in the state is $201,300 with a median home value of $148,900.
Further south in the suburbs of Saint Louis, Saint Clair County is struggling with falling home values according to Zillow. The median home value in that county is $85,000, with home values about 1.5 percent less than they were a year ago. In Madison County, however, home values are rising by 1.5 percent. The median home value is $102,700.]]>