Chicago home sales have increased 25% from August 2012 to August 2013. This number according to a report on realtytrac.com gives an important reflection on how far the Chicago real estate market has improved. Peoples Home Equity, a lender based in the Chicago suburb of Oakbrook Terrance, highlights the improving areas in an around the city based on the report to gives its prospective mortgage applicants perspective.
The intriguing data that The Peoples Home Equity found begins with the suburban town of Brookfield. Brookfield has experienced a 190% rise in year over year home sales since August 2012. With such a high increase of home sales in the area, the competition has been fierce causing the median home price of 193,000 in Brookfield actually declined by 3.5% since August 2012. With the number of home sales in this area, homebuyers may want to investigate opportunity of buying a foreclosed home which has a median home price of $124,000.
Meanwhile, another suburb neighborhood of Chicago, called Elmwood Park, has seen very little increase in home sales, just 13%, as a result the town has posted a very large rise property values. The median home price of $168.500 has risen 29.4% since last year. This is not to say that Elmwood Park is flourishing without problems, the town has seen an 8.8% rise in foreclosures since August 2012.
While the city of Chicago has seen a fair number of districts improve quicker than others, it’s difficult to conclude which towns are doing the best. “Which towns are doing the best” may depend on the number of home sales being sold, who is outperforming in median home price percentage gains, or if and how the number of foreclosures have declined. Peoples Home Equity encourages its mortgage applicants to search the areas they are interest in buying a home to understand if the neighborhood they are looking at is trending positive.
Contact a Peoples Home equity loan officer today to check which Chicago neighborhoods or suburbs are show opportunities of either value price gains for home buyers or investors.