Home prices take a tumble in the south suburbs

The October issue of Chicago Magazine features a rundown of home prices and appreciation trends in Chicago’s neighborhoods and suburbs.

Chicago’s southern suburbs fared badly – very badly, in a number of cases – in home value appreciation. Negative appreciation, i.e. depreciation, is a more accurate description of the experience of home values in many of Chicago’s southern suburbs.

Nine of the 10 suburbs that fared the worst (North Chicago being the only exception), are in the southland. The average sale prices and percent depreciations since 1994 for the 10 biggest losers are:

  • Harvey: $22,648, -49.53%
  • Riverdale: $33,673, -49.45%
  • Robbins: $16,680, -45.49%
  • Dolton, $49,447: -34.42%
  • North Chicago: $51,646, -33.38%
  • Sauk Village: $40,864, -32.45%
  • Burnham: $47,089, -31.46%
  • Park Forest: $59,032, -24.76%
  • Calumet Park: $51,901, -21.14%
  • Calumet City: $63,121, – 18.62%

In case you’re wondering, the lowest average sales price was in Ford Heights, at $9,660. Sales prices for 1994 were unavailable for Ford Heights, or it might have made the top 10 list. When you take taxes into account, you can buy three average-priced homes in Ford Heights for less than the cost of the average new car.

COMMENTS

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  • […] Originally Posted by allen2323 No, I said that munster is solidly middle class with a median household income in the $70,000 range. Olympia Fields is more upper middle class and affluent with a median household income over $110,000. Location and metra access to downtown chicago plays into attracting a certain class. But, in reality Olympia fields started out as an affluent golfing summer retreat for some of chicago's elite over 100 years. Half of the town's land is the olympia fields golf course. Probably the most prestigous golf course in the chicagoland area. The 2003 US open was there and the upcoming 2015 US amateurs will be held there also. Olympia Fields is solidly middle class – that I agree. It's time to move on to the topic at hand though – the worst in Chgoland. I think Dolton gets an honorary mention but hasn't moved up to worst of the worst yet. Even though it's #4 on this list: Chicago suburbs: Home prices take a tumble in the south suburbs […]