Home Sale Prices Down in Grayslake

Home sale prices in Grayslake have dropped, according to a recent Chicago Magazine article.

The article profiled what homes cost in several suburbs and Chicago neighborhoods.

Along with Grayslake, home sale prices are also down in neighboring Libertyville, Lake Zurich and Buffalo Grove, but up in Vernon Hills.

The magazine’s data shows the median sale price for a Grayslake home in 2012 was $169,000, down 11.1 percent from 2011, and 42.9 percent since 2006.

There were 293 home sales last year in Grayslake, with homes staying on the market an average of 170 days, the magazine reports.

Most Chicagoland suburbs have experienced a decrease in home sale prices, making now a great time to buy, according to economists.

Zillow Chief Economist Stan Humphries told Chicago Magazine the Chicago housing market has hit "rock bottom" and is not expected to rebound too quickly. The summer is exported to be an opportune time to buy when more houses typically go on the market, according to the article.

From there, home prices are expected to increase by .8 percent by the end of the second quarter of 2013 and by five percent by the end of the second quarter in 2014, according to the article. 

For those looking to downsize, Chicago Magazine highlighted nearby Woodstock as one of the best suburbs to look for a home.

The article also includes housing data from 2012 and how that has changed in recent years: