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When you look at the May-June Plainfield Market Comparison* for the last 4 years and compare the data side by side, it looks like 2008 has brought us back to 2005’s values. While the volume has decreased every year since 2006, the numbers mimick the values that were seen in 2005. 

Many things have contributed to the steady decline in the Plainfield closed home sale volume including: loan restrictions, a reduction in consumer confidence, hesitation, foreclosure, and the hint of a recession.

The steady increase in market times has caused and increase in expired listings.  Plainfield single family home market time has more than doubled from 2005 to 2008. In many ways despite the market time and volume of home sales it looks like Plainfield, IL has survived the housing bubble much better than much of the Chicagoland area as a whole. 

Plainfield’s convenient access to both I-55, I-80 and I-355, in addition to the access to Metra in Joliet, still make Plainfield a top choice for families looking for newly constructed homes near Chicago.  Plainfield has grown by leaps and bounds over the last 15 years, and though the housing bubble continues to burst, Plainfield continues to thrive in a down market. 

Despite a 9% decrease in the average sold home price from 2007 to 2008, there has still been a 2% increase in average home prices from 2005 to 2008.  Average home appreciation in a stable housing market is 3 to 5 %.  To see a 2% increase in the middle of the current trend in real estate means that while there has been a large decline in prices over the last 2 years, even a modest increase over the last 3 years defies predictions of the 15-30% decrease in Plainfield home values.

Plainfield homeowners may be looking at longer market times in 2008, but if you purchased your home before 2005, you should still be able to see a profit on your Plainfield real estate investment.

*data taken from the MLS of Northern Illinois for Plainfield, IL from May 1st - June 1st for single family homes from 2005 through 2008.