Hello Miki,

To answer your first question, for 60540 (as of June 30, 2009), the average sale price of detached single family homes has decreased 12% from 2008 where the median sale price has only decreased 8.8%. For attached homes (townhomes, condos, etc.), the average sale price has decreased 7.1% from 2008 where the median sale price has increased 1.2%.

With that said, you cannot draw a direct relationship to these market stats for any individual home value. These stats only indicate what has been selling. This could simply mean that higher or lower priced homes are the ones that are selling when compared to the previous year, thus making the average and median prices go up or down. Again this does not mean that any particular home has increased or decreased in value.

For your second question about the current value of a $500k home, the only way to answer this is to do a CMA (comparative market analysis) on the specific home you have in mind. Most agents would be happy to provide you with a free CMA on your home. You could then use this information to target your search for your new home. Having access to this type of information is one of the many benefits to you when working with a real estate agent. If you are serious about buying and selling in today's changing market, finding a good agent is to your advantage and well worth your time.

You can find more market stats at foxvalleygreenhomes.com. Just click on "Market Stats".

Have a great day! Vince

Hi Miki. Great question. Fairly tough to ballpark, but if you held a gun to my head, I would answer:
Homes in 60540 have declined by roughly 10% over the last 12 months.
Thanks,
Ken

Miki, Might help.... http://www5.onboardnavigator.com/1.5/WebContent/OBWC_report.…

http://www.bhgrealestate.com/Views/Look/Default.aspx
http://www.trulia.com/real_estate/Naperville-Illinois/

Dunes

I would say at least 10%, that varies even within Naperville, subdivision etc. But the good news is, if you are looking to buy again in Naperville, or in any other areas with similar or higher depreciation, you would need to consider that the home you'd be buying would be valued less also, so at the end you will end up saving more on the purchase of your new house.
Good luck!

Thanks so much, very helpful answers. We are wondering if we listed our house, what we could realistically hope to get, and what we can expect to pay for our next home. That certainly gives us some perameters, so thanks again - much appreciated.

Good question Miki! According to Trulia, 60540 is down 17.5% year over year. Please click the link below and it will take you directly to the webpage on Truila. Have a great day!

The general answer would be about 10%-15% but you would have to take into account the nearby sales for a more accurate assessment. Every Comparative Market Analysis has different parameters by which you determine value. Total Inventory, Uniqueness, Age, Foreclosure Inventory, Quality, etc...

Often Real Estate websites can give you estimates but your best bet would be to contact a Licensed Realtor for more exact numbers and market conditions.

Good Luck.