Home Prices Falling in Illinois More than Almost Any Other State

This is either great news or awful news depending on whether you are a buyer or a seller of a home in Illinois. New data shows that home prices in the Land of Lincoln are falling more than almost any other state in America.

If I were a Property Brother (sadly, I am not), I would say this is a buyer's market. I did actually get a real estate license more than a decade ago, but did absolutely nothing with it. My point is I am fascinated by the process of buying or selling a home. There are few decisions you'll make in your life more important than this one.

There's new data just shared by 24/7 Wall St that shows the states where home prices have declined the most. Illinois is near the top of the list ranked as the 3rd biggest percentage of home price drops in America. Here's the key number behind the plummet of home prices in Illinois:

• 1-year change in median list price: -5.3% (-$16,916)

5.3% doesn't sound like a lot, but when you're dealing with an average home price of nearly $200,000, that's a ton of money for most families.

Only Hawaii and Kansas have a larger percentage of home price declines than Illinois does right now. Let's look at this as a glass half full situation for home buyers, though. If you've been renting where your money just goes into a void, now might be the time when a home purchase becomes possible. I wish the bar were lower for many families who don't quality for buying a home, but maybe the price drops over the past year will help a few more families get out of the vicious renting circle.