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A Post-Peak Look at the Suburbs

Last week, using data from our annual real-estate charts—the latest installment is featured in the October 2011 issue of Chicago, on newsstands now—I revealed which city neighborhoods have seen home values drop the most and the least since the peak of the real-estate market. This week, let’s look at the suburbs…

Last week, using data from our annual real-estate charts—the latest installment is featured in the October 2011 issue of Chicago, on newsstands now—I revealed which city neighborhoods have seen home values drop the most and the least since the peak of the real-estate market. This week, let’s look at the suburbs.

Today’s chart shows the year in which house prices peaked in each of 211 suburbs, followed by the percentage drop from that year’s average home price to the 2011 average price. As in the city, the suburbs where home values dropped the most were all moderate-income communities—although they represent a greater geographic spread than the city neighborhoods. In the city, four of the five neighborhoods with the biggest drops were on the South Side. (Riverdale tops today’s list and last week’s list, but they are actually different communities: the village of Riverdale is just across the city limits from the Far South Side Chicago neighborhood called Riverdale.)

The suburbs that have held their value best since the peak years are different from their counterparts on the city list. In the city, the neighborhoods with the smallest percentage drop were mostly very affluent places; in the suburbs, they were mostly upper middle-class. The only exception is wealthy Kenilworth, which had the fourth-smallest drop in value.

Here is a list of the six suburbs that have fallen furthest since the peak, followed by a list of the nine suburbs that have fallen least. Below them is the full list of suburbs. (As with last week’s charts, today’s numbers are based only on the sale of single-family houses, not the sales of townhouses and condos.)

BIGGEST DROPS FROM PEAK
(% drop from peak-year average house price to 2011 average price)

TOWN

% DROP

Riverdale

73.07

Harvey

72.86

Dixmoor

72.23

North Chicago

69.64

Maywood

64.65

Cicero

61.19

 

SMALLEST DROPS FROM PEAK
(% drop from peak-year average house price to 2011 average price)

TOWN

% DROP

Indian Head Park

11.54

Naperville

14.68

Frankfort

14.69

Kenilworth

15.13

Gilberts

16.38

Geneva

16.59

Clarendon Hills

16.77

Lisle

17.00

Orland Park

17.35


The chart below documents the change in average house price in each of 211 Chicago suburbs; it shows the year the average house price peaked followed by the percentage drop from peak-year average house price to 2011 average house price.

HOUSING PRICE DROPS IN
CHICAGO SUBURBS

(% drop from peak-year average houseprice to 2011 average house price)

TOWN

YEAR HOUSE
PRICE PEAKED

% DROP

Addison

2007

41.23

Algonquin

2006

30.21

Alsip

2006

44.46

Antioch

2006

33.56

Arlington Heights

2007

24.88

Aurora

2006

40.83

Barrington

N/A

N/A

Barrington Hills

N/A

N/A

Bartlett

2007

25.24

Batavia

2007

21.97

Beach Park

2006

39.00

Bellwood

2007

60.57

Bensenville

2007

46.97

Berkeley

2007

56.59

Berwyn

2007

48.67

Bloomingdale

2007

33.25

Blue Island

2007

58.33

Bolingbrook

2007

33.27

Bridgeview

2006

38.75

Broadview

2007

52.34

Brookfield

2007

35.14

Buffalo Grove

2006

26.57

Burbank

2007

45.15

Burnham

2006

68.55

Burr Ridge

2008

30.76

Calumet City

2007

59.12

Calumet Park

2008

65.39

Carol Stream

2007

28.67

Carpentersville

2007

48.52

Cary

2007

28.34

Chicago Heights

2007

50.07

Chicago Ridge

2007

43.53

Cicero

2007

61.19

Clarendon Hills

2007

16.77

Country Club Hills

2007

45.37

Countryside

2007

42.91

Crestwood

2007

30.84

Crete

2007

40.86

Crystal Lake

2006

26.85

Darien

2006

25.45

Deerfield

2008

34.64

Deer Park

N/A

N/A

Des Plaines

2006

36.15

Dixmoor

2007

72.23

Dolton

2007

64.02

Downers Grove

2007

22.11

East Dundee

2007

57.11

Elburn

N/A

N/A

Elgin

2007

39.78

Elk Grove Village

2007

29.97

Elmhurst

2007

25.93

Elmwood Park

2007

47.22

Evanston

2008

26.83

Evergreen Park

2007

43.40

Flossmoor

2007

30.00

Forest Park

2008

39.81

Fox Lake

2007

31.34

Fox River Grove

2007

35.53

Frankfort

2007

14.69

Franklin Park

2006

49.94

Geneva

2007

16.59

Gilberts

2007

16.38

Glencoe

2006

26.14

Glendale Heights

2007

46.68

Glen Ellyn

2007

17.99

Glenview

2008

25.36

Glenwood

2006

38.39

Grayslake

2006

30.38

Gurnee

2007

27.77

Hampshire

2006

36.57

Hanover Park

2006

45.93

Harvey

2006

72.86

Harwood Heights

2006

40.75

Hawthorn Woods

2006

31.85

Hazel Crest

2007

59.05

Hebron

2006

33.95

Hickory Hills

2006

39.66

Highland Park

2007

41.58

Highwood

2007

24.83

Hillside

2007

48.88

Hinsdale

2008

17.98

Hoffman Estates

2008

30.00

Homewood

2007

37.18

Huntley

2007

25.40

Indian Head Park

2006

11.54

Inverness

2006

19.58

Itasca

2007

38.47

Joliet

2007

37.44

Justice

2007

39.86

Kenilworth

2008

15.13

Kildeer

2008

25.06

La Grange

2006

17.59

La Grange Park

2007

20.90

Lake Barrington

N/A

N/A

Lake Bluff

2008

28.27

Lake Forest

2007

22.75

Lake in the Hills

2006

32.14

Lake Villa

2006

26.11

Lake Zurich

2007

25.06

Lansing

2007

47.06

Lemont

2007

23.04

Libertyville

2007

18.50

Lincolnshire

2007

29.48

Lincolnwood

2007

40.74

Lindenhurst

2006

32.44

Lisle

2006

17.00

Lombard

2006

29.33

Long Grove

2006

26.63

Lynwood

2008

46.93

Lyons

2007

48.65

Markham

2006

63.66

Matteson

2007

35.90

Maywood

2007

64.65

McHenry

2007

32.07

Melrose Park

2007

53.33

Merrionette Park

2007

34.71

Midlothian

2007

44.06

Mokena

2007

17.64

Morton Grove

2006

36.62

Mount Prospect

2006

30.54

Mundelein

2007

35.40

Naperville

2007

14.68

New Lenox

2008

21.13

Niles

2007

40.15

Norridge

2006

41.52

North Aurora

2008

17.36

North Barrington

N/A

N/A

Northbrook

2007

34.15

North Chicago

2007

69.64

Northfield

2008

22.84

Northlake

2007

58.00

North Riverside

2007

34.16

Oak Brook

2006

27.67

Oakbrook Terrace

N/A

N/A

Oak Forest

2007

31.35

Oak Lawn

2007

35.75

Oak Park

2007

24.58

Olympia Fields

2007

37.10

Orland Hills

2006

33.40

Orland Park

2007

17.35

Oswego

2007

22.76

Palatine

2008

26.36

Palos Heights

2006

32.35

Palos Hills

2007

37.11

Palos Park

2007

45.32

Park Forest

2007

58.78

Park Ridge

2007

33.33

Phoenix

2007

55.79

Plainfield

2007

26.36

Posen

2007

56.59

Prospect Heights

2007

46.65

Richmond

2006

44.83

Richton Park

2007

46.36

Riverdale

2007

73.07

River Forest

2008

29.02

River Grove

2006

47.08

Riverside

2007

30.13

Riverwoods

2008

36.00

Robbins

2008

41.02

Rolling Meadows

2007

29.78

Romeoville

2006

36.24

Roselle

2006

29.04

Round Lake

2008

31.83

St. Charles

2008

22.21

Sauk Village

2007

65.21

Schaumburg

2007

26.11

Schiller Park

2007

56.27

Skokie

2006

40.28

Sleepy Hollow

2006

27.90

South Barrington

N/A

N/A

South Chicago Heights

2006

53.53

South Elgin

2007

28.67

South Holland

2007

45.28

Steger

2007

51.30

Stickney

2007

48.59

Streamwood

2006

43.76

Sugar Grove

2007

32.97

Summit

2007

64.67

Thornton

2008

51.58

Tinley Park

2007

21.02

Tower Lakes

N/A

N/A

University Park

2007

50.01

Vernon Hills

2008

23.79

Villa Park

2007

38.48

Wadsworth

2008

28.99

Warrenville

2006

27.30

Wauconda

2006

36.64

Waukegan

2007

54.15

Wayne

2007

30.75

Westchester

2007

39.68

West Chicago

2007

46.72

West Dundee

2006

22.78

Western Springs

2008

19.31

Westmont

2007

29.00

Wheaton

2007

17.39

Wheeling

2006

39.63

Willowbrook

2006

20.35

Willow Springs

2006

44.57

Wilmette

2007

19.67

Winfield

2008

20.41

Winnetka

2006

18.98

Winthrop Harbor

2006

31.04

Wood Dale

2006

39.35

Woodridge

2007

20.55

Woodstock, Greenwood

2006

34.77

Worth

2008

41.13

Zion

2007

46.98

 

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