Chicago, IL (PRWEB) March 03, 2014
Peoples Home Equity is proud to say that many districts of Chicago performed incredibly well in 2013. The lender searched through all 7 major counties of Chicagoland and noted all the growth areas of each region. This information is pertinent now as readers may identify key areas of growth that may be suitable for investment properties or first-time homebuyers interested in growing home equity.
By analyzing 4th quarter 2013 data provided by DQnews.com on January 24th, Peoples Home Equity found that both the percentage change in median prices and sales of homes in Cook County respectably increased 19.4% and 25.2% year-over-year. This percentage increase in home sales should instill confidence among individuals who are worried about the recent decline in national home sales. Cook county sales areas that grew the most was a Chicago zip code 60603 at 270.80%, a zip code of 60203 in Evanston with 170% rise, and Thornton, zip code 60476 with a growth of 120%. As for median home prices, growth was seen in Stone Park zip code 60165 with a 190% change, Chicago zip 60624 with a 183.70% change, and Winnetka with zip 60093 experiencing a 75% change. Note, while Winnetka experienced an experienced a 33.8% year-over-year rise in home sales, both Stone Park and the Chicago sector saw -33.3% and -20.0% declines suggesting a lack of inventory may have been a factor in the extreme price change.
Lake County’s finest areas were Antioch, with a 51.9% year-over-year rise in home sales, and Waukegan zip code 60087 with a 44.6% rise in median home prices. In Mchenry country, the community of Union saw a 150% rise in sales, while and a 194% jump in prices. In Kane County, Sugar Grove, zip code 60554, experienced a 45.9% rise in sales, while Carpentersville saw the highest price change of 40.4%. In Kendall County, Newark saw the high rise in sales and prices at 75% and 42%. Du Page County’s community of Naperville in zip code 60540 experienced a 72.6% rise in sales but a -4.9% decline in prices. The highest price increase experienced in Lisle with a 52.8% rise. The last county analyze, Will County, saw its community of Manhattan (zip code: 60442) grow 627.1% in sales and just 27.5% in home prices (year-over-year). The trophy for the highest median home price rise went to Beecher, zip code 60401, with a 39.5% rise.
Lenders, such as People Home Equity, are always willing to lend more easily when prospective mortgage applicants desire to purchase a home in a stable growth area. The reason is because the lender enjoys the comfort of knowing that the asset (the home) is justifiably worth initial loan value given.
Peoples Home Equity encourages readers to take this information to assist in purchasing a home or perhaps an investment property in the Chicagoland area.
If looking at purchasing a home feel free to contact a Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.