Guest Post: Berwyn’s Housing Values on the Rise
Information and article supplied by Patti McGuinness, Broker Associate, Baird & Warner.
Berwyn’s detached home market continues to make impressive gains in 2015. Nearly 70% of the 151 detached homes for sale in Berwyn this July were traditional, equity-positive listings, the highest percentage of non-distressed properties for sale since July of 2008. This is a vast improvement over two years ago when nearly 70% of all homes for sale in July were either bank-owned foreclosed properties or short-sale listings (where owners owed more on their home than they were worth).
(Click on Image to Enlarge.)
Values have increased nearly 15% this year over last. But there are still bargains to be had. Foreclosed properties are selling at a discount. So if you’re willing to put in a little sweat equity or aren’t scared of renovation, you could buy your dream home at a discount of up to 32% off comparable non-distressed homes. As of this July, the average sales price for all foreclosed homes sold in the last year is $136,301 and the average sold price for traditional, non-distressed homes is $199,455. The least expensive house sold in Berwyn this July went for $80,000 while the most expensive home sold for $370,000.
While Berwyn’s values are rising, detached homes are still a steal when compared to home prices in neighboring suburbs including Oak Park to the north, North Riverside, Riverside, and Brookfield to the west.
As the chart indicates, Berwyn’s home prices are significantly lower than average home prices of the suburbs that surround it – more than 50% lower than the average sales price for Oak Park’s detached homes with the same accessibility to the downtown Chicago, major highways, and several train lines.
For more detailed information about Berwyn’s housing market, visit http://www.chicagolandmoves.com/category/berwyn-moves/.
All data from MRED. Data deemed reliable but not guaranteed.