McHenry County Home Prices Plunge

The Chicago Tribune ran an article about real estate prices the Tuesday before last.

When I finally took a look at it, what has happened in McHenry County jumped off the page.

In the last year, home prices here have dropped by a higher percentage than in any other Chicago-area county.

Down 17%, according to the National Association of Realtors and its state affiliate the Illinois Association of Realtors.

The median price (meaning half of those sold are above the price and half below), is under $200,000– $199,177.

That’s the lowest average price in Chicagoland.

Not only did McHenry County home prices plunge farther than anywhere else, but home prices in McHenry County are cheaper than anywhere else. Next cheapest is Will County at $212,000 and Kane at $222,500.

Home prices fell least in Kendall, Cook and DuPage Counties—all under 5%. Lake prices held up pretty well, too, down just 6.6%.

Kendall County sales were down almost 40%, but it is a small county with only 113 sales.

McHenry County dropped 27.1% in home sales.

Lake was worse at 30% fewer home sales that in July of 2007.

Will and Kane were both down 25%, with Cook just behind at 24% and DuPage at 23%.

If you want to know what will this mean to your real estate taxes next year, you might want to read this article.

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