Maywood’s 8% Increase In Home Values Consistent With Chicago Area Trend, But Average Home Values Still Low

Map of Maywood and Surrounding Suburbs

Wednesday, May 7, 2014 || By Michael Romain

“Single-family home prices rose last year in every Chicago-area ZIP code tracked by CoreLogic Case-Shiller, the first time that’s happened since 2006,”Crain’s Chicago Business recently reported.

Neighborhoods such as Mount Greenwood (16.5 percent), Morgan Park (15.9 percent) and Oak Lawn (14 percent) in Chicago experienced the biggest gains across the area, while places further away from the City’s core–such as Joliet (2.5 percent), Cicero (3.3 percent) and St. Charles (3.3 percent)–experienced the smallest gains in home prices, according to Case-Schiller.

Maywood’s 7.9 percent rise in home prices last year fell somewhat in the middle of those ZIP codes mentioned above. According to CoreLogic Case-Shiller, the average home value in Maywood was $76,500. The chart below lists the percent changes and average home values of communities immediately surrounding Maywood:

Home Values for 2013
Chart: The Village Free Press

The Village’s average home value was $76,500 last year, according to Case-Schiller. That’s about 34 percent lower than Bellwood’s average home value, which is the second-lowest in Proviso Township (at least among the municipalities for which data was available). In fact, Maywood’s average home values in 2013 were more comparable to those in the Austin area, where the average home went for $62,000 last year. Below are maps detailing national long-term trends which were taken from the 3rd Quarter 2013 CoreLogic Case-Schiller Indexes ReportVFP

Case Schiller I

Case Schiller II

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