Lake County-Kenosha County, IL-WI (MSAD) Federal Housing Finance Agency Home Price Index (FHFA HPI)

The home equity and home prices in the Lake County-Kenosha County, IL-WI area have been on the rise in recent years. This is due in part to the strong economy and low interest rates. As a result, more people are buying homes and bidding up prices.

The median home price in Lake County-Kenosha County was $247,000 in 2017, up from $234,000 the year before. This is an increase of 5.4%. The average 30-year mortgage rate was 3.99% in 2017, down from 4.32% the year before. This decrease makes it cheaper to borrow money and buy a home.

There are many factors that contribute to rising home prices. The economy is doing well, with low unemployment and wages rising. More people are moving to the area for jobs or retirement. The population is growing and there is more demand for housing than there is supply. New construction has not kept up with population growth. Investors are also buying properties to rent out or sell for a profit later.

All of these factors have led to increased competition for homes and higher prices. In some cases, buyers are paying over asking price or bidding wars have broken out between buyers who want the same property.

If you are thinking of buying a home in Lake County-Kenosha County, IL-WI , it is important to be aware of these trends so that you can budget accordingly and be prepared for a competitive market