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Evanston: Housing market bright spot

A new report says Evanston was one of a very few places in the Chicago metro area where single family home prices rose last year.

Crain’s Chicago Business says a report from Fiserv Inc. shows that home prices fell 4.6 percent across the Chicago metro area last year, compared to gains of 2.4 percent in 2006 and 9.9 percent in 2005.

Fiserv’s Case Shiller index, which is based on repeat sales of the same properties, showed that only six of 76 zip codes it had sufficient data for in the Chicago area showed gains last year — and one of those was the 60201 zip that covers Evanston north of Dempster Street.

The 60201 zip code showed a price gain of between 1.6 and 3 percent.

Wilmette and four zip codes on Chicago’s north side were the only others showing gains.

The study lacked sufficient data to report on price changes in Evanston’s 60202 zip code or more than 200 others in the metro area.

Suburban communities that showed big drops last year included Glenview (60025), Mount Prospect (60056), Oak Park (60302), Park Ridge (60068) and Skokie (60076), which all showed declines of at least 6.1 percent.

Crains says the big drops last year tended to come in communities that had seen the biggest price gains in the recent past.

Fiserv forecasts that Chicago-area single family home prices will drop 8.1 percent this year and another 2.2 percent in 2009.

Related link

Home prices sag (Chicago Business – registration required)

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