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How Have North Shore Home Values Held Up Since 2006?

Curious to see how property values fared in your North Shore Community, since the height of the housing market back in 2006?

 

It has been nearly seven years since the height of the housing bubble and the question I hear  most often is, "How have property values on the North Shore held up in comparison to Chicago as a whole?".  The Chicago Metro area is down 35% from the market high of 2006 through  end of 2011. Referencing housing data from a recent article in the April edition of Chicago Magazine, entitled: Boost Your Home Value , I put together the chart above, tracking the percentage change in single family home values from 2006 through the end of 2011, for the Villages comprising New Trier Township. I was encouraged to see that none of the Villages experienced  a decline in home values to the degree of Chicago as a whole. In addition, home values in Kenilworth were actually up for this period of time, a whopping 43% (however as with any study, the smaller the data to draw from, the greater the chances the numbers can be skewed). So yes, much of the North Shore has experienced  declines in property values, as did 87 % of Chicago suburbs, but at the end of the day, the North Shore fared  better than most. The good news on the horizon is  inventory is down for much of the area.....and if this trend continues, it is a  sign that home values are headed upwards! Interested in learning more about local home values, go to: NewTrierLiving.info .

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

N.C. Ewald July 21, 2012 at 09:26 PM
I guess the 1%, the hedge funders, and the banksters of Kenilworth are having a glorious field day as we, the 99%, struggle to make ends meet.
NHL July 23, 2012 at 03:52 AM
And, while those 1% ers along the Northshore, especially the ones living on the Lakefront, can enjoy free access to the Lake, it's off limits to the other 99%, like me... So the less you're worth, the fewer rights you have, apparently.... I have every right to access our Lake as the rich guy up on the bluff, yet he gets it for free, and i have to pay an outrageous fee to go to the beach! Well, actually i don't, there are ways around it, which i take full advantage of... But most folks don't, and it isn't right.... And why wasn't Glenview mentioned? We live in New Trier township... Afraid it might skew the numbers, since we took the biggest hit of all? We chose to live in the Northshore (well, i'm not sure Glenview is actually considered the Northshore) for all the reasons mentioned, but i agree with the lady from out east: the real estate prices and especially our property taxes are out of control... I can deal with the housing prices around here because it's all relative: you get much more for your money than say, the Bay Area or NYC.... And this area is considered by many to be among the most desirable areas in the Chicago market, so you're gonna pay a premium to buy a house around here... But how much of a burden do we, the taxpayers, have to endure????
Willie Wilmette July 23, 2012 at 08:38 PM
As property values go up in Kenilworth, they pay a greater percent of the New Trier HS tax & we in Wilmette pay a lower percent! Remember, if you work full time in the USA, you are extremely likely to be one of the world's 10%ers and the other 90% hate you like you hate 1%ers. What goes around, comes around.
Deadcatbounce July 26, 2012 at 02:20 AM
If that is true, axes are high due to lack of commercial and industrial activity, how of you explain district 29, sunset ridge. They have Kraft and car dealers and their taxes are the highest and so is the spend per student, over $22k, 2nd highest in the state in fact. Wilmette D29 is the lowest for New Trier feeder schools, $15k per student and they have zip in commercial activity. Administrator and teacher pay is out of control and Soon their pension may be added to your property tax. Again, taxes are high because schools, parks, cook county, library and your village cannot control their spending all the rest about assessments, commercial activity, location is real estate BS
Deadcatbounce July 26, 2012 at 02:26 AM
Latest news on housing recovery ... New Home Sales Miss By Most In 20 Months But, but, but... the housing recovery. Was demand pulled forward? Could it be that warm weather encouraged people to venture out of their igloos? It appears so as new home sales plunge 8.4% MoM on expectations of a rise of 0.7%, days after the already fudged NAR data showed a huge miss in existing home sales as well. This is the first miss since October of last year and the biggest miss of expectations since October 2010. This is the biggest absolute drop since January with the actual number of new homes sold, not annualized, in June was 33,000 - of which a mere 1,000 was in the NorthEast. Median home prices also fell appreciably. Hope.is.fading as we note that of the 33,000 total new houses sold in June, 11,000 have not even been started, and 11,000 are still under construction and the number of homes sold at a price over $750,000 was less than 1,000.

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