By: Diane Benjamin
This is from a website that helps “home flippers” find good markets. https://www.housingalerts.com/blog/market-report/104-declining-markets-quarterly/?
It has a list of the top 104 markets in the country with ONE quarter declining values. They suggest multiplying the percent by 4 to estimate the yearly decline. This is a nationwide list with way too many Illinois cities!
- Decatur (-3.7)
- Danville (-.7)
- Peoria (-.9)
- Springfield (-.2)
- Carbondale-Marion (-.5)
Bloomington made the list too. In one quarter property values lost 1.7%. That amounts to an annual loss of 6.8%
I picked some random examples of homes currently for sale:
2604 Addison Lane This house has been for sale for almost a year. The pictures on-line show it empty. It appears to have been built in 2010-2100.
Last January it was listed for $699,999. Today it has been reduced to $624,999. Since it is still for sale, it is still priced too high or no buyers exist in the price range.
3902 Rave Road. It has been listed on and off for sale since 2009. It had a high selling price of $439,900. Currently it is for sale for $309,000.
230 Fairway Drive Listed in August for $209,000. In October the price was reduced to $191,500
2519 W Market. Listed in May for $167,500. In November it was reduced to $157,900
The decreasing values appear to be crossing all price ranges. Your home equity is being stolen while governments demand you pay more. The latest is Unit 5, 9.21% property tax increase.
Elections have consequences, so does not voting.
On the bright side – affordable housing will soon be a reality.
Decatur had the steepest decline. Congrats – Bloomington now has their City Manager.