Berwyn’s Median Home Price and Annual Residential Investment On the Rise
Crain’s Chicago recently released a report detailing the change in median home price between 2016 to 2017 for the City of Chicago and most suburbs in Cook, Lake, DuPage and Will counties (Read “How did home values do last year where you live?” below).
According to the Illinois Association of Realtors, the nine-county county metropolitan area saw 5.6% growth in median home sales price, up to $235,000. In the City of Chicago, the median sale price was up 4.8% to $285,000 last year.
Over the past year, Berwyn boasted a healthy 8.4% increase to an average home price of $200,500. Based on Berwyn’s median income, this home sales price falls within the National Association of REALTORS®‘s calculations as within the limits of affordability. Beyond this, according to residential permit data, the City of Berwyn had $25.5 million in residential investment last year alone, which represents annual investment growth of a whopping 76% since pre-recession 2007. This is great news for homeowners and one of the many reasons to be proud of our Handcrafted Community!