Although the Midwest doesn't usually show the same fluctuations as the west and east coasts, prices and sales have dropped substantially since the real estate bust. Some areas like much of Florida, Las Vegas, NV and Phoenix, AZ were hit hard, with more than 50% decreases in home values. Some southwest Chicago suburbs have shown double digit price decreases and when you add them up over the years since the bust, prices have plummeted drastically in some villages. Amount of annual sales have also decreased.
California showed decreases and popped back the quickest. Many areas in the state are back to a seller's market with decreased inventory and buyers wanting to still get a good price at low interest rates.
Low inventory across the nation is causing multiple offers on well priced properties. Even in the southwest suburbs we're seeing multiple offers in lower price ranges and the best priced homes in most any price range can sell quickly. Below is an infographic created by Active Rain that is based on survey results:
Data provided by ActiveRain, the #1 social community for real estate professionals. Orland Park real estate has shown a decrease in prices in 2012 but an increase in sales. We'll have to see next year's stats to see if prices will increase in 2013.