Chicago Home Sale Prices Up this October

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Monday Dec 03, 2007

I know it’s hard to look past all the media hype about the downswing of the national real estate market. Foreclosures in California are painting a pretty ugly picture for the entire country. But here’s the thing, the housing industry is really reliant on local circumstances. What is happening in California or Florida is not what’s happening in Illinois. And furthermore, what is happening in Peoria, Illinois is not what’s going on in Chicago.

Chicago didn’t jump headfirst into the housing boom like other cities, which means it isn’t experiencing the same problems as other places around the U.S. now. Sure, we’re feeling the effects of troubling times, but you might be surprised to hear Chicago is actually seeing price appreciation this year. The latest report from the Illinois Association of Realtors® revealed some good news for metro Chicago. Their data showed an improvement in home sale prices this October from October 2006. According to surveys conducted by the association, the median home sale price in Chicagoland increased 3.1% and the average sale price went up 9%. That’s when the national median sales price dropped 5.1% in October 2007 from the previous year.

Buyers still have a large inventory of both existing and new construction homes and condos available to them in Chicago. Knowing properties are increasing in value here is comforting, especially for people who want to make long-term investments with their home purchase. Talking to someone in the business can clarify local market conditions even more, giving you the real story behind the Chicago real estate deal.

Posted at 09:02AM Dec 03, 2007 by Spencer Mason in General Comments[0]