Home Value Monitoring & Appraisal

home valuesThe housing bubble has burst! But real estate agents say falling mortgage rates have more and more people touring open houses. A REALTORĀ® can provide a more accurate home value estimate, based on current home prices in your neighborhood and their knowledge about current conditions in the marketplace.

Median home prices have risen by nearly 50 percent over the past three years, as the region’s robust job market and growing population have increased demand for limited housing opportunities. Using an accounting decomposition of house price dynamics into replacement costs of the structure and land prices, we demonstrate that rising land prices hold the key to understanding the upward trend in global house prices.

They act like magnets which can also bring up or down your own home’s price when put in the seller’s market. Nowadays, most homeowners are enjoying the increase that housing prices have seen. The table also shows how far prices have risen since the bottom of the market in early 2012.

This means that a good percentage of people can afford homes which are above the median home value of Illinois. Checking what’s for sale locally, and comparing sold prices and Zoopla estimates of nearby properties, will help you build a broader picture of your home’s value.

Note: Land prices derived from an accounting decomposition of house price trends into replacement value of the structure and land values. The median household income was about $52,024, higher than the national median and the median home value sales price in 2006 was about $235,000.