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What Your Home is Worth

The housing news wasn’t bad in 2015 … but it wasn’t exactly amazing, either. Median home values increased a modest 2.4 percent in the six-county area to $193,000, not too far off the 3.6 percent bump they got in 2014, according to Svenja Gudell, chief economist with the real estate research firm Zillow. See how your area fared in these charts, which include price data for all neighborhoods and suburbs with 20 or more sales in 2015. 

Gudell predicts the slow-and-steady trend will continue into 2016, with values rising another 2.3 percent. (What is this, Groundhog Day?) That means you might as well list now if you’re on the fence about selling—things won’t change much. That’s ugly news for some: 21 percent of homeowners in the metro area are still underwater on their mortgages after the 2007 bust. (See: 6 Smart Mortgage Moves) One thing that could help is if Chicago finally establishes itself as a tech town, Gudell says. The three hottest markets last year were all geekster paradises: San Francisco, Denver, and Seattle. 

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2015 housing data

NOTES: Only places with at least 20 house sales or 20 condo sales in 2015 are listed. Community areas that did not meet those criteria: Fuller Park, Riverdale, and West Garfield Park. Suburbs that did not: Bannockburn, Bedford Park, Bull Valley, Dixmoor, Dundee, Ford Heights, Gages Lake, Golf, Highwood, Hodgkins, Holiday Hills, Hometown, Indian Creek, Indian Head Park, McCook, McCullom Lake, Merrionette Park, Mettawa, Oakbrook Terrace, Old Mill Creek, Park City, Phoenix, Prairie Grove, Robbins, Rosemont, Third Lake, Tower Lakes, Trout Valley, and Union. 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. Those on the northwestern side of the city are included in “West.” Edgewater  Includes Andersonville, Lakewood Balmoral. Lincoln Square Includes Budlong Woods, Ravenswood. Near north side Includes Gold Coast, Old Town, River North. north center Includes Roscoe Village. Logan Square Includes Bucktown. Near west side Includes West Loop. West town Includes Noble Square, Ukrainian Village, Wicker Park. armour square Includes Chinatown. near south side Includes Printers Row, South Loop.
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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