Chicago Home Prices Rise For First Time Since June 2008

Chicago
Chicago

For the first time in 22 months, the median home price in the city of Chicago has risen.

The Chicago metro area as a whole is still down, but thanks exclusively to single-family home sales, the median price of homes in the city itself has risen, for the first time since June of 2008.

There’s other good news: sales of existing homes in the metro area rose for the tenth straight month, year-over-year. In the city limits, sales were up 41.1 percent, marking the eighth straight months of gains inside the city limits.

The median price rose 3.2 percent, while the sales of single-family homes rose by 25.4 percent.

Condos rose in sales by 53.9 percent, but the median price decreased.

Experts suggest that this is a sign than the market has hit bottom and is ready to being recovering, albeit at a slow pace. The sales numbers also suggest that some buyers may have taken advantage of depressed prices. Still others may have taken advantage of tax breaks for buyers.

Whatever the case, this may be a sign that the market is slowly getting back to normal. This is probably better news for sellers than buyers, but it’s also probably a good overall sign for the economy.

[Source: Chicago Tribune]

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