Supply & Demand from Febr 08 is 240 listed 20 under contract or 8.3%. Out of 240 available only 20 homes went under contract for Febr 08. Months of Inventory in Febr 08 is 9.8. Average Days on Market is 125 that went under contract. 5% under list price for under contract.
In IL housing prices are up at $198,768 median price. Chicago is up also at $264,271 median price. So the Chicago Suburban area is actually OK compared to other markets across the US.
Question can't be throughly answered without knowing the subdivision first, your location & pretty much everything else about your subject house. That would mean a complete CMA so that you could find out what?