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What Your Home is Worth

Call it a classic case of too much too soon: After zooming more than 9 percent in 2013 and 5 percent last year, median home values in the six-county metro area should level off with just a 0.5 percent increase in 2015, predicts Skylar Olsen, a senior economist at the real estate research firm Zillow. (Many other metro areas, such as Boston and New York, also have a virtually flat forecast for the year.) The message: If you want to sell now but wondered if you should wait another year to benefit from rising prices, go ahead and list. And if you’re a buyer, you’ll have plenty of time to shop around. See how your area stacks up on these charts, which include price data for neighborhoods and suburbs with 20 or more sales in 2014.

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2014 housing data

NOTES: Only suburbs with at least 20 sales are listed. Suburbs that did not: Bannockburn, Dixmoor, Ford Heights, Hometown, Indian Head Park, Merrionette Park, Mettawa, Oakbrook Terrace, Phoenix, Robbins, Rosemont, and Tower Lakes. Suburbs that straddle two or more counties are listed in the county where they have the greatest population.
“Community areas” are defined by the City of Chicago and may include more than one neighborhood. Bridgeport includes Chinatown. Edgewater includes Andersonville, Lakewood Balmoral. Lincoln Square includes Budlong Woods, Ravenswood. Logan Square includes Bucktown. Near North Side includes Gold Coast, Old Town, River North. Near South Side includes Printer’s Row and the South Loop. North Center includes Roscoe Village. Near West Side includes West Loop. West Town includes Noble Square, Ukrainian Village, Wicker Park.
An unsually large number of higher-priced houses sold in East Garfield Park in 2013, skewing that year’s median. And although West Englewood’s median sales price went up 18 percent, its average sales price fell 9 percent.
SOURCE: Midwest Real Estate Data, an aggregator and distributor providing the multiple listing service to metro Chicago and its collar counties; MRED does not guarantee the accuracy of the data, which may not reflect all real estate activity in the market.


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