Lombard Real Estate - Prices are About the Same as 3 Years Ago

A Multiple Listing search for Lombard, IL, today shows that even though the number of homes sold has dropped substantially the last couple of years, the prices have not been effected as significantly.

The number of homes sold in the last 12 months was only 299, compared to 352 in the previous 12 months, and 536 in the time frame from 24-36 months ago. The graph above shows the drops in the number of homes sold.

This graph shows the mean price of homes sold in the same time frame. Notice that the price from the last 12 months is about $11,500 less than the prices three years ago. The price 24-36 months ago was $316,310, 12-24 months ago the prices actually went up about $7,000 to $323,193, and in the last 12 months the price is $304,963. The current prices are down about 3.6% compared to the prices 3 years ago, which is only about 1.2% per year.

The market may be down slightly, but prices are not falling like a brick as the national media would like us all to believe. Keep your eyes on the Lombard prices not the national numbers. The local numbers are truer indicators of what your home is worth. If you would like an accurate home valuation, contact your Lombard Realtor.

This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data presented is of detached single family homes only.