Have resale prices at The Havens bottomed out?

A 4-bedroom, 3 ½ bath newer-construction home in Auburn Gresham just hit the market at a list price of $178,000. It sold new in 2007 for $388,000.

The home, at 8601 S Eggleston, is in The Havens, a subdivision that we visited two years ago in the above video. Similar homes have sold recently at or near the current asking price of this one, and well below their level of two years earlier. Older homes in the immediate area sell for far less. Redfin pegs the median list and sold prices in Auburn Gresham at $67K and $40K, respectively.

Prices in many areas have recovered from their lows in recent years and have approached peak prices in many cases. Most of Chicago’s South and West Sides, however, have seen prices remain well below their highs.

It’s a long-standing real estate truism that you shouldn’t buy the most expensive home in the neighborhood. Are the much-lower prices in other parts of Auburn Gresham an indication that prices have further to fall before they hit bottom at The Havens?

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