$75,000 House For Sale
3 bed, 1.0 bath, 960 sqft
The median home value in Lake Station is $78,500. Lake Station home values have gone up 1.3% over the past year and Zillow predicts they will rise 1.5% within the next year. The median list price per square foot in Lake Station is $61, which is lower than the Chicago Metro average of $137. The median price of homes currently listed in Lake Station is $68,900 while the median price of homes that sold is $40,176.
Foreclosures will be a factor impacting home values in the next several years. In Lake Station 1.3 homes are foreclosed (per 10,000). This is lower than the national value of 4.3
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Lake Station is 12.8%, which is higher than the national value of 7.2%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Lake Station homeowners underwater on their mortgage is 27.0%, which is lower than Chicago Metro at 28.1%.more
The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.