Metra Train Surburbs Home Values

RISMEDIA, October 14, 2009 — During 2009, Chicago suburbs served by Metra commuter trains saw the average price of a home decline less sharply than other areas of the seven-county suburban Chicago real estate market, according to a study of home sales activity by Roudebush.

The average sales price of a home in Chicago’s suburbs during the first six months of 2009 was 19% less than during the same period in 2008. Thirty-two towns served by Metra were looked at in the study, and they experienced an average price decline of 15.2% for the same period. Median prices in the Metra served towns declined 15.4%, versus 17.4% for all suburbs.

However, the Metra towns, on average, saw 19.2% fewer homes changing hands during the first half of this year than a year earlier. That compared to 15.6% fewer home sales in the suburbs as a whole. The transactions considered in the study were for both attached and detached homes.

The market is down and the prices are lower. With the recent expiration of the $8000.00 tax credit, it will be interesting to see if there how much activity there is in the last few months of 2009.