Properties in Wheeling are similarly priced with properties in the surrounding areas such as Mt. Prospect, Buffalo Grove, and even Arlington Heights. Unfortunately, in my opinion, Wheeling lags behind these other areas in terms of value. It pains me to say this because I have a listing in Wheeling that I'm currently trying to sell.
There are great opportunities in the nw Chicago suburbs, properties cheaper than rent!, specially foreclosures, bank owned properties and short sales. If you are investing in Single Family homes you have to look at schools reports, good schools most of the time are in areas that enjoy the highest growth.
Take a look at my web site to find schools reports luigui.com
This is a great question. In five years you will not recognize Wheeling. I have lived in Wheeling for over 20 years and the area has changed in so many good way. It will continue to change in the 10 year plan that the village has. The prices might be lower than some other areas near by. But there are some areas that have seen a consistant 6% increase in value. Of course we are not talking in the past year. All areas are affected in this type of market.
I would recommend that you go to the Wheeling Village web-site. The plans for the village are posted and they are remarkable. I plan I staying in a town that is improving and has has healthy growth.
If you have any other question, please feel free to contact me direct.