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How Much is Your Location Worth?

by Chicago Agent

A listing report of Illinois’ most expensive and affordable housing markets

Coldwell Banker Real Estate LLC released its Home Listing Report (HLR), a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most expensive and most affordable housing markets. Newport Beach, Calif., led the list of most expensive real estate markets in America, with an average home listing price of approximately $1.83 million for property listings meeting the criteria. By contrast, America’s most affordable housing market was Detroit, with an average home listing price of approximately $68,000.

This year’s study reveals that home listing prices in Chicago average $268,849, compared to the U.S. average for the surveyed listings at $353,000.

Meanwhile, other Illinois cities included in the survey were Barrington, with an average home listing price of $506,480; Naperville at $411,382; and Schaumburg at $368,123. The average home listing price in Deerfield was $552,918, comparable to the average listing price of homes in Washington, D.C. at $539,037 and San Diego, Calif., at $537,089.

“The HLR is a great way for people who are curious about home listing prices to get a glimpse of various markets,” says Kathy Kalnes, regional vice president of Coldwell Banker Residential Brokerage. “By reviewing the report data, people can truly recognize the local nature of real estate.”

The HLR is designed to provide comprehensive information on real estate data from around the country for homebuyers and sellers. The HLR provides the average home listing price of more than 18,000 four-bedroom, two-bathroom properties on coldwellbanker.com that were listed between February and August 2010 from nearly 300 select U.S. markets where Coldwell Banker has a presence. Markets included in this report were required to have at least six properties fitting the above criteria within the relevant timeframe.

“Our study shows that homeownership in the United States is affordable, with nearly 30 percent of the studied markets averaging $200,000 or less for a four-bedroom, two-bathroom home – a size many buyers aspire to own,” says Jim Gillespie, CEO of Coldwell Banker. “Those who have financial security and a lifestyle reason to move have a unique opportunity to take advantage of historically low mortgage interest rates coupled with comparatively lower prices and higher inventory levels, which translates to a greater selection of homes on the market.”

Here’s how Illinois fared in the survey:

CITY AVG. LISTING PRICE FOR FEB. – AUG. 2010
Deerfield $552,918
Barrington $506,480
Naperville $411,382
Schaumburg $368,123
Elgin $300,834
Carol Stream $299,538
Flossmoor $297,600
Chicago $268,849
Aurora $262,545
Champaign $239,756
Galena $239,183
Peoria $238,170
Bloomington $223,751
Joliet $209,381
Springfield $188,326
Rockford $174,566
STATE MOST EXPENSIVE AVG. LISTING PRICE FOR FEB.-AUG. 2010 IN U.S. $ MOST AFFORDABLE AVG. LISTING PRICE FOR FEB.-AUG. 2010 IN U.S. $
ILLINOIS Deerfield $552,918 Rockford $174,566
INDIANA Munster $285,944 Muncie $100,314
MICHIGAN Indian River $361,738 Detroit $68,007
WISCONSIN Madison $299,675 Fond du Lac $119,838

1. The Coldwell Banker U.S. Home Listing Report includes residential real estate listings appearing on Coldwell Banker.com. This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same four-bedroom, two-bathroom criteria.

2. Currency rates were calculated on http://xe.com on Sept. 14, 2010, and rounded to the nearest dollar amount.

Coldwell Banker Residential Brokerage, a residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 57 offices with more than 3,700 sales associates. For more information, please visit coldwellbankeronline.com.

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