Mem, I am going through this very issue with a client of mine.
Their condo is worth, maybe 300,000......they paid 375,000 5 years ago............they are not happy campers, and I feel for them - and you. They do not want to take such a huge hit at this time, yet have grown out of their condo, and need more room (2 babies will do that to you!).
They are considering renting it out for the time being, even at a small loss monthly.
The question I posed to them (and now to you if renting is a possibility) is can they handle being a landlord for more than a year - or even a year - as the numbers are going to take more than 1 year to catch up to what they paid, Being a landlord has it's own list of pitfalls and requirements, so you have to be prepared for that, too.
To answer your question specifically............can you afford to wait it out? If you don't HAVE to move, then remain where you are. Just know that it will most likely take more than a year to make you whole on the price.
Prudential NJ Properties