Lovely surroundings, a convenient location, numerous parks, a strong economy and an excellent school system are all factors that have made this area one of the most desirable areas in the state of Illinois. Within close proximity to the many cosmopolitan amenities offered by the city of Chicago, yet far enough away to promote a sense of peace and simplicity so prevalent in a small town community, area residents enjoy the best of both worlds. With a population of 40,000, the town of Crystal Lake offers great intimacy while also being one of the leading centers of industry in the county.
The future of the real estate market in the county for the year 2005 continues to shine. While 2004 marked a banner year for home sales, 2005 appears very encouraging as market indicators point to a continuation of this auspicious trend. Although the National Association of Realtors predicts a slight decline of 2% in existing home sales from a record 6.68 million in the year 2004, new home sales are projected to reach 1.11 million in 2005 as several new residential neighborhoods are firmly underway.
Construction is planning over 1.92 million new units in 2005, the biggest boom since 1978. Economic indicators also point toward a strengthening economy and steady job market; factors that lead toward greater consumer confidence and an increase in disposable income. Interest rate increase is projected to reach a modest level thereby maintaining a favorable ratio between family income and home prices.
Housing opportunities are widely varied in the area. From historic homes to rural farmhouses, serene lakeside locations to busy downtown apartments, sprawling estates to homey single-family dwellings, the choices are as appealing as the area itself.
Characterized by large country lots and upscale residences, the real estate value in Crystal Lake remains strong. As more and more people are discovering the enviable quality of life inherent in the area, the market has retained a consistent and vital level of activity. Homes on the market have closed an average of 145 days and local real estate has continued to appreciate at a healthy rate. In 2004, homes in Crystal Park closed an average of 73 days. Cost of the average home in 2004 has increased by 8% over the previous year with the average sales price at $280,000. The national median existing home price is projected to increase by 5 percent in 2005 while the median new home price is forecast to increase by 6 percent.
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