If you purchased your Glencoe home prior to 2001, then your home is still worth more than you paid for it! After prices in Glencoe peaked in 2007, they have continued to decline and are now similar to prices seen in 2001 and 2002. (Data Source: MRED Multiple Listing Service)
In fact, if you purchased your Glencoe home in 1980, it could be worth 4 times what you paid for it! The average sale price for a single family home in Glencoe was under $200,000 in 1980 - and by 2010 it was over $1 million! Not a bad investment. (I was looking at homes in Glencoe in 1980 - wish I had bought back then!)
People that bought during the past 10 years however, may not be quite as happy with the current prices. Depending on when they bought, prices may be the same or lower.
If you are thinking about buying a home in Glencoe, now is the best time to do it. In addition to the fact that the clock has turned back about 10 years on the prices, interest rates are much better today than they were 10 years ago. So the actual COST OF HOME OWNERSHIP is lower for home buyers today than it was back then.
Back in the early 1980's mortgage interest rates were in the double digits - 18 - 19% at one point!
One more thing to keep in mind, this chart shows trends for average and median home prices. Right now the market for the luxury homes (over a million dollars) is a little bit softer than for less expensive homes - so you can't assume that the trends shown here are identical regardless of the price point. In general, luxury home prices on the North Shore have been hit a little bit harder than prices overall.
Contact me directly for PDF of this chart and the numbers that go with it, or for more information on home prices in Glencoe. If you would like me to help you determine the value of your Glencoe home, contact me for a no obligation market evalution.
Thank you for reading!
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