Chicago single-family home prices have dropped a drastic 7.6% in the last year, according The S&P Case-Shiller Home Price Indices that came out today. In fact, Chicago home prices saw one of the biggest drops in home prices compared to the year prior, according to the Index. Of the 20 metropolitan cities monitored, only two other cities saw a bigger drop: Minneapolis at 8.3% and Phoenix at 8.4%.
Only one city of the 20 saw a price increase; in Washington D.C., single-family home prices went up 2.7%.
Chicago also saw a 2.2% drop in home prices from January to February 2011. This index currently marks the lowest home prices have been in Chicago since home values began dropping in 2007.
While the Case-Shiller index only measures single-family homes and not condos, prices for condominiums are dropping, too. Here on CondoDomain, buyers can not only search the MLS for recent price drops but also receive a cash back refund when they buy a condo through CondoDomain. Search the MLS here.
Photo: Janice Smith, @properties