Orland Park House Prices Drop Along With Nearby Towns

Single-family home prices fell last year in most Chicago-area towns, including Orland Park, where losses were slightly above the overall drop.

According to Crain's Chicago Business, 238 of 252 Chicago-area zip codes tracked by Fiserv Inc. saw their home prices fall in 2010, with the overall drop being about 5.2 percent. Orland Park's home prices fell 6 percent in the 60462 area code and 5.5 percent in 60467. 

See below for a chart of the sales price drops for area Patch towns and others nearby.

In a video covering the prices drops, a Crain's reporter said the biggest declines were in the city's southside neighborhoods. South suburban Harvey suffered the biggest drop, 19.6 percent. Oak Forest and Tinley Park fared slightly better than Orland with drops of 5.3 and 5.2 percent. However, the Palos communities saw steeper drops; with 6.5 percent in Palos Heights, 6.6 percent in Palos Park and 6.8 percent in Palos Hills. Evergreen Park saw a 9.6 percent drop.

Only three towns in suburban Cook showed an increase in home prices. Park Forest showed the largest gain in home prices at 1.5 percent, followed by Buffalo Grove with 1.3 percent and Western Springs at .30 percent.

West suburban Clarendon Hills had the largest increase, at 3.6 percent. There were no towns in Will County with increased sale prices, though Peotone (0.80 percent) was the highest mark. Naperville dropped just 2.4 percent and Frankfort by 2.6 percent, the lowest of nearby Patch towns.

The future should be brighter, though. According to Crain's, Fiserv predicts a fractional decrease in sale prices this year and an average 3.4 percent increase in 2012.

Town

Percentage Drop

Flossmoor

-3.4 percent

Chicago Heights

-4.2 percent

Homewood

-4.3 percent

Mokena

-4.3 percent

Tinley Park

-5.2 percent

Oak Forest

Hazel Crest

-5.3 percent

-5.4 percent

Orland Park (60467)

Midlothian

-5.5 percent

-5.5 percent

Orland Park (60462)

-6.0 percent

Palos Heights

-6.5 percent

Palos Park

-6.6 percent

Palos Hills

Hickory Hills

Bridgeview

Alsip

Worth

Chicago Ridge

Summit Argo

Dolton

Burbank

Calument City

-6.8 percent

-6.8 percent

-6.8 percent

-7.1 percent

-7.3 percent

-7.3 percent

-7.5 percent

-7.8 percent

-8.2 percent

-8.5 percent

Oak Lawn

Riverdale

Blue Island

-8.7 percent

-8.8 percent

-9.4 percent

Evergreen Park

-9.6 percent

Orland Park Patch Editor Ben Feldheim contributed to this report.