The national housing market is still working its way toward a full recovery and Chicago is representing the Midwest as one of the most impressive metro areas in the United States as far as home prices are concerned.
The S&P/Case-Shiller home price index for July found that Chicago actually led the entire nation in monthly gains in home prices, with a 3.2 percent increase. Taking a closer look at condo data, prices for condos in Chicago climbed 3.9 percent on a month-over-month basis and were up 14 percent when compared to July last year.
Although at face value it may seem like rising home prices is a negative for prospective home and condo buyers, the opposite is true. Back when the housing market was near its lowest of lows following the recession, home prices hit rock bottom because there was such little competition for available homes and condos for sale. Owners were desperate and would lower their asking prices just to make the transaction happen in what was becoming an overwhelmingly buyers’ market.
However, with increased competition for homes for sale comes an increase in prices, which signals a return to normalcy for the housing market both in Chicago and across the nationwide. In fact, the S&P/Case-Shiller report noted that in Chicago, home prices are now back to where they were in 2002 prior to the housing market crash.
The demand for Chicago condos has reached a fever pitch, so if you’re interested in living in a condo in the Windy City then the time to act is now. I can clue you in on the most attractive units currently for sale in some of the most attractive neighborhoods in the city, including River North, Lincoln Park, Gold Coast and more.