Western suburbs dominate in Chicago-area home price gains

Chicago Magazine recently published its annual survey of house prices in Chicago and suburbs. If you copy the suburban price chart to a spreadsheet and sort it on the change in prices since 1994, you'll see a striking pattern.

Of the 8 suburbs that saw the greatest increase in average sale price since 1994, 6 are in Chicago's western suburbs.

Wayne topped the list, with an average sale price increase of 257%, followed by River Forest at 221.7%. In Highwood, on Chicago's North Shore, average sale prices rose by 202.7%, perhaps due to the incorporation of parts of the former Fort Sheridan into the community.

Also ranking in the top 8 were Clarendon Hills, 166.1%; Hinsdale, 164.3%; Elmhurst, 1441.1%; Oak Park,131.6%; and south-suburban Willow Springs, 127.45%.

Wayne and Willow Springs were the only top-8 suburbs that saw year-over-year price increases in 2010. Average sales prices declined 24.1`% in River Forest over that time span.

In the above video you can join me and my son Jordan for a drive along a forested private road somewhere in rural Wayne.

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