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CHICAGO - Homeowners rejoice and buyers despair as Chicago and suburban home prices continue to skyrocket.
Zillow said that the typical value of homes in the Chicago-Naperville-Elgin area has gone up 14% over the past year to $282,568. Zillow predicts they will rise 8.9% in the next year.
Other places are continuing to see shocking spikes in home prices, Zillow reports:
- In Gary, the typical home value is $59,942, up 30.7% over the past year.
- In Waukegan, the typical home value is $173,956, up 21.2% over the past year.
- In Hammond, the typical home value is $146,237, up 20.7% over the past year.
- In Joliet, the typical home value is $185,370, up 18.7% over the past year.
- In Crystal Lake, the typical home value is $283,814, up 17.0% over the past year.
- In Naperville, the typical home value is $444,336, up 12.5% over the past year.
- In Orland Park, the typical home value is $349,470, up 11.8% over the past year.
- In Evanston, the typical home value is $466,165, up 10.9% over the past year.
Experts says that the pandemic and low mortgage rates have combined to push home values higher.
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