Community Corner

Home Sale Prices Dip in Western Springs

In 2012, Western Springs homes sold for 0.3 percent less than they did in 2011, Chicago Magazine reports.

Home sale prices in Western Springs have dropped slightly, according to a recent Chicago Magazine article.

The article profiled what homes cost in several suburbs and Chicago neighborhoods.

Along with Western Springs, home sale prices are also down in neighboring Burr Ridge and Forest Park, but up in La Grange and Oak Park.

Find out what's happening in Western Springswith free, real-time updates from Patch.

The magazine’s data shows the median sale price for a Western Springs home in 2012 was $449,000, down 0.3 percent from 2011, and 17.2 percent since 2006.

There were 158 home sales last year in Western Springs, with homes staying on the market an average of 121 days, the magazine reports.

Find out what's happening in Western Springswith free, real-time updates from Patch.

Most Chicagoland suburbs have experienced a decrease in home sale prices, making now a great time to buy, according to economists.

Zillow Chief Economist Stan Humphries told Chicago Magazine the Chicago housing market has hit "rock bottom" and is not expected to rebound too quickly. The summer is exported to be an opportune time to buy when more houses typically go on the market, according to the article.

From there, home prices are expected to increase by .8 percent by the end of the second quarter of 2013 and by five percent by the end of the second quarter in 2014, according to the article. 

For those looking to downsize, Chicago Magazine highlighted nearby Woodstock as one of the best suburbs to look for a home.

The article also includes housing data from 2012 and how that has changed in recent years:

 

Suburb Median Sales Price in 2012 Percent Change Since 2006 Percent Change Since 2011 Western Springs
$449,000 -17.2 -0.3 La Grange
$405,000 -24.9 0.8 Oak Park
$380,000 -19.2 3 River Forest
$580,000 -25.7 0 Burr Ridge $586,000 -31.3 -3.3 Forest Park $160,000 -46.7 -21.8


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