Did Your Home Lose Value During the Last 10 Years? In Chicago, You’re Not Alone
Homes in Chicago’s Gold Coast, West Loop and Bridgeport neighborhoods have proved to be good investments during the last decade. But homes in much of the rest of the Chicago area have not. Blame it on the Great Recession.
That’s the news from a recent Crain’s Chicago Business report looking at how home values in Chicago and its suburbs have changed in the last 10 years. According to the story, single-family homes in most areas of Chicago actually lost value from 2005 to 2015.
That’s not much surprise to most owners who bought in 2005. If you remember, home prices had soared leading up to 2005. It wasn’t until 2007 that home values in the Chicago area began falling, as the country fell into a recession. Home values fell far, and in most of Chicago they haven’t yet returned to those 2005 levels.
Crain’s, citing data from CoreLogic, found that the Gold Coast neighborhood saw the greatest rise in home values in the Chicago area from December of 2005 to December of 2015. During this time, home values in this city neighborhood rose 17.2 percent. Coming in second was Chicago’s West Loop neighborhood, where home values rose 15.3 percent.
On the opposite end of the scale, homes fell in value 39.5% in the Chicago suburb of Cicero and 37.3% in the suburb of Blue Island. These were the Chicago-area locations in which home values dropped the most from December of 2005 to the same month in 2015.
You never want to see your home lose value. But this really becomes a problem if you need to sell. Depending on when you bought, you might have to sell your Chicago home for less than what you paid for it.
I recommend working with a REALTOR® who knows your neighborhood. This professional can market your home to the deepest pool of buyers and negotiate the best selling price for your property.