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Chicagoland home sellers see modest returns in 2016

by Peter Thomas Ricci

family-front-steps-house-porch-home-buyers-sellers

Home sellers in the Chicagoland housing market have seen some of the most modest returns in the nation, according to the Q2 2016 U.S. Home Sales Report from RealtyTrac.

Basing its analysis on publicly recorded sales deeds from more than 900 counties nationwide, RealtyTrac found that the average seller gain in Chicagoland in June 2016 was $12,600, or 6 percent over what the seller paid for the house. Although those stats are an improvement over past months – two years ago, for instance, the average Chicagoland seller lost $20,000, or 9 percent of the home’s value – but as our chart below demonstrates, the market’s June performance pales in comparison to other metro areas.

We should note, though, that the numbers below are averages, and hardly suggest that every home seller in our area is not receiving a good return on their investment; certainly, many a seller in Lincoln Park, Wilmette, the West Loop, and Naperville are making money in home sales. What the numbers do suggest, however, is that the ghosts of the housing downturn – particularly the underwater mortgages that, courtesy of predatory lending and dramatic price declines, persist in many communities in south and west Chicagoland – continue to haunt the area’s marketplace, and continue to impact it more than other markets.

MSA Average Seller Gains – Dollar Amount Average Seller Gains – Percentage
Atlanta $24,000 14%
Boston $60,000 26%
Chicago $12,600 6%
Dallas $54,037 29%
Houston $42,315 24%
Los Angeles $187,000 49%
Miami $61,250 36%
New York $64,000 20%
Philadelphia $20,051 9%
San Francisco $315,000 72%
Seattle $125,000 48%
U.S. $41,000 22%

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