How Does Your Housing Market Fare?

June 16, 2011

Looking to buy Chicago real estate? Curious where you’ll find the most expensive and most affordable housing markets in the state?

Coldwell Banker Real Estate LLC has released its Home Listing Report (HLR), a survey of average listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets.

The 2011 report covered 139 housing markets in Illinois that were listed from September 2010 to March 2011.

Survey results:

*Illinois’ most expensive real estate market: Lake Forest, with an average home listing price of $753,543. The north suburb ranked No. 2,269 on the overall HLR report.

*Illinois most affordable real estate market: Kankakee, with an average home listing price of $82,621. The city, located about 60 miles south of Chicago, is No. 13 on the HLR report.

*Chicago: Ranked 1,248 on the HLR list with an average home listing price of $250,631.

*U.S. average: The nationwide average for the surveyed listings was about $293,000.

Newport Beach, Calif., led the list of most expensive U.S. real estate markets for the second year in a row, with an average home listing price of $2,537,126.

The most affordable U.S. market is Niagara Falls, N.Y., which has an average home listing price of $60,820. With a 30-year fixed mortgage at 5 percent and a 20 percent down payment, the mortgage payment on an average home in Niagara Falls would be about $260 a month. Wow.

“We know that home buying remains a deeply personal lifestyle decision, and we believe that reports like this, along with trusted real estate agents, will help today’s buyers make smart decisions,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC.

Want to see how your Illinois neighborhood fared? Click here.

For the full report, visit coldwellbanker.com.

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