Business & Tech
Heights, Homewood Home Prices Drop More Than 4 Percent
Homes are losing their value across the board, but Homewood and Chicago Heights homeowners are seeing bigger drops than some of their neighbors.
Single-family home prices fell last year in most Chicago-area towns, but Chicago Heights and Homewood saw slightly bigger drops, percentage-wise, than surrounding towns.
According to Crain's Chicago Business, 238 of 252 Chicago-area zip codes tracked by Fiserv Inc. saw their home prices fall in 2010, with the overall drop being about 5.2 percent.
Heights and Homewood home prices dropped above the average, at 4.2 and 4.3 percent, respectively. Neighboring towns such as Glenwood, Olympia Fields and Flossmoor did not drop more than 3.7 percent.
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Lansing and South Holland saw bigger drops than Chicago Heights and Homewood, clearing 5 percent.
See below for a chart of the sales price drops for other towns.
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In a video covering the prices drops, a Crain's reporter said the biggest declines were in the city's southernmost neighborhoods. South suburban Harvey suffered the biggest drop, 19.6%, and other area Patch towns closer to the city also took bigger hits than the Heights and Homewood. Evergreen Park had a 9.6 percent drop.
The future should be brighter, though. According to Crain's, Fiserv predicts a fractional decrease in sale prices this year and an average 3.4 percent increase in 2012.
1.5 percent (gain)
Olympia Fields -2.4 percent Bolingbrook (60440) -2.7 percent Shorewood -2.8 percent Channahon -3.1 percent Naperville (60565) -3.1 percent Flossmoor -3.2 percent Matteson -4.0 percent Steger -4.0 percent Chicago Heights -4.2 percent Homewood -4.3 percent Mokena -4.3 percent Bolingbrook (60490) -4.4 percent Plainfield (60585) -4.5 percent Plainfield (60586) -5.0 percent Tinley Park -5.2 percent Oak Forest -5.3 percent Orland Park (60467) -5.5 percent New Lenox -5.8 percent Orland Park (60462) -6.0 percent Palos Heights -6.5 percent Palos Park -6.6 percent Palos Hills -6.8 percent Oak Lawn -8.7 percent Evergreen Park -9.6 percent
Editor's Note: This article originally stated that Park Forest had experienced a decrease of 1.5 percent in home values, but the village actually has seen a 1.5 percent gain.
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