PLAINFIELD (Illinois News Network) – More residents of an Illinois town have flipped their homes for seven figures since the turn of the century than nearly every city in America, including Chicago.
On the fringe of the Chicago suburbs is Plainfield, Illinois, a community of 43,000. A report by PropertyShark shows residents that had been sitting on their homes since before the turn of the century have since sold 78 of them for more than $1 million. That’s more than many major cities, including Chicago, Boston, and all but nine others in the nation.
San Francisco topped the list with 381. Properties there have exploded in price since 2001. In 2000, homes in the Bay Area had a median sale price of $526,000. The median sale price today is $1.3 million, according to Zillow.
PropertyShark author Robert Demeter said other large cities around Plainfield had seen population booms and the rising prices in places like Naperville sent buyers further out toward Plainfield.
“Being near Naperville is one of the main reasons,” he said. “Some people possibly wanted to live in an area like Naperville but couldn’t afford it, so they look to places like Plainfield.”
Plainfield mayor Michael Collins wasn’t surprised to see so many homeowners selling for more than $1 million.
“Some of the subdivisions here are very upscale and homes there are selling for more than homes elsewhere,” he said. “2006 [the housing bubble] slowed down the housing market here but everything is starting to pick back up now.”
Collins said the city has lower property taxes than its neighbors, access to major roads and a growing corporate sector that leads to higher home values.
Nearby, Aurora residents average $6,554 on a $250,000 home and Naperville, one of the wealthiest cities in the Midwest, averages $4,771 on a similar home, after exemptions.
In Plainfield, homes are taxed similarly, at $7,986 before exemptions on the average house but prices are lower. Zillow values the median Plainfield home sale at $244,600 while the median home sale in Naperville is $392,300. Aurora, a larger city with a variety of neighborhoods, sells homes at a median of $178,900. Joliet is in a similar situation, with their median home value at $140,000.