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Buying a Home in Villa Park

Posted by Local Editor | Posted in Real Estate | Posted on April 08th, 2009

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The Villa Park real estate market is actively and evolving – while it has been affected by the housing crisis, prices have held up better than many surrounding areas. According to data from Zillow.com, median sales home prices fell from an average of $256,000 last April to $229,000 this April, affected by more than 140 area foreclosures.

To keep the values in perspective, property has risen in value rapidly over the past decade. While home prices have declined over the past year, they improved from roughly $150,000 a decade ago, and remain well above the state median. Home sales dropped off in the fourth quarter after averaging more than 100 per quarter during the boom in the middle of the decade.

Major locatl industries, such as construction and financial services have been hit hard by the recession, although the areas strong health care and research industrial base has help up well. Today, the median household income is over $60,000, and the area has a large population of young professionals, who have held up well over the past few years. An active rental market ensures that properly is going to good use. While the future prospects for housing are uncertain, Villa Park rests on a solid foundation.