Home Sale Prices Down in Lake Forest and Lake Bluff

Home sale prices in Lake Forest and Lake Bluff have dropped, according to a recent Chicago Magazine article.

The article profiled what homes cost in several suburbs and Chicago neighborhoods.

Though home sale prices are down in Lake Forest and Lake Bluff, prices are up in neighboring Deerfield, Highland Park and Northbrook.

The magazine’s data shows the median sale price for a Lake Forest home in 2012 was $700,000, down 16.7 percent from 2011, and 28 percent since 2006.

There were 240 home sales last year in Lake Forest, with homes staying on the market an average of 240 days, the magazine reports.

The median sale price for a Lake Bluff home in 2012 was $406,000, down 5.3 percent from 2011, and 33.9 percent since 2006. There were 112 Lake Bluff homes on the market in 2012 that took an average of 181 days to sell, reports Chicago Magazine.

Most Chicagoland suburbs have experienced a decrease in home sale prices, making now a great time to buy, according to economists.

Zillow Chief Economist Stan Humphries told Chicago Magazine the Chicago housing market has hit "rock bottom" and is not expected to rebound too quickly. The summer is exported to be an opportune time to buy when more houses typically go on the market, according to the article.

From there, home prices are expected to increase by .8 percent by the end of the second quarter of 2013 and by five percent by the end of the second quarter in 2014, according to the article. 

For those looking to downsize, Chicago Magazine highlighted nearby Woodstock as one of the best suburbs to look for a home.

The article also includes housing data from 2012 and how that has changed in recent years: