Your guide has been on a bunch of listing appointments recently, notwithstanding my newsletter article in January, and it’s related post, back on January 5. So a very timely topic has been: What’s my home worth now?
Indexes are cool. With an index, we can express the value of your home as a percentage of what it was worth at its peak.
But I also like the timeline. What’s my house worth today? And the related follow up: When, back in time, was my home worth about the same as it is today?
Therefore, I’ll do my best to provide the data as well as the perspective for Chicago and a few popular neighborhoods.
From the S&P/Case-Schiller Home Price Index – for Chicago:
- Prices peaked in September, 2006.
- The Price Index at that time was 168.60
- In December, 2008, the index was at 137.16.
- This is an 18.65% decline.
- And the last time prices were at this level was December, 2003.
These figures do not feel exactly right for the areas that I do most of my business in – primarily in Lakeview or on the north side.
Here’s Bob’s Seat of the Pants Lakeview/North Side price index:
- Prices peaked in May, 2007.
- Although it felt like prices kept increasing during 2008, they really held in place, or started settling, before the big price drop that occurred during September, October, November & December
- I am too lazy to normalize these figures to get an index.
- But I can express them as a percentage: Prices are down 13.7%.
- The last time prices were at this level was February, 2005.
And for me, I love looking at a graph. This one shows the north half of Lakeview, (Zip Code 60613), Chicago, and a typical 2 bed, 2 bath condo:
So to my north side sellers: a very good guide to your current home value: down 13.7% from the peak in May, 2007. Or this way: your home is worth about what it was in February 2005.
I figure if I say it here, it won’t be as large a shock when I repeat this info in person at my listing appointment.
Please note that some prices vary. These figures, like most everything in life, are not guaranteed. Please consult your local expert for a detailed Market Analysis on your home if you are thinking of selling this Spring.