Yesterday I celebrated the 4th of July at the home of my friends Bill and Chuck who have a gorgeous home in Naperville. Bill and Chuck’s house is in the the 60565 zip code shown in the white part in the map which experienced the smallest drop in median sale price when comparing the last 12 months to the previous 12 months. Median house prices in 60656 dropped only 4.1%.*
The market in 60565 continues to be the strongest performing of Naperville’s 4 zip codes in recent years. In an early 2008 blog post I pointed out that 60565 had the highest median price appreciation between 2006 and 2007 of Naperville’s 4 zip codes.
60564 west of 60565 had the 2nd lowest median price drop at 5.2%. 60540 which includes downtown Naperville dropped 8.2%. Naperville’s northernmost zip code, 60563, shown in the dark green had the greatest percentage median price drop at 11.9%. Interestingly, 60563 had the lowest drop in number of homes sold with a drop of only 7.5%.
*Based on Midwest Real Estate Data, LLC (MRED) Data
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{ 2 comments… read them below or add one }
We bought our house in zip code 60565 in April 2008. One year later (just a couple months ago) we refinanced to take advantage of a MUCH lower mortgage rate. Both of these transactions required (obviously) an appraisal. We put in over $35,000 in renovations/remodeling (kitchen and 2.5 bathroom). The 2nd appraisal, done only 13 months after the first, was $10,000 lower than it was a year prior. After putting $35,000 into it. Our reality doesn’t seem to jive with these numbers.
Hi Laura,
While it may seem that a home should be worth what you paid plus what you put into it, that isn’t the case. The dollar amount spent on renovations and remodeling typically doesn’t add the amount spent to the value of a home. The return on investment varies greatly on renovations. While the amount you spent on renovations may not have added that amount to the value of your home, the renovations have and continue to provide greater enjoyment/convenience to your home.
Median values are certainly an imperfect measure of what’s going on in a housing market. Some homes in 60565 dropped more than 4.1% in value in the past year. Some dropped less. Relative to the other areas of Naperville, your area appears to be holding up the best.