The end of 2013 saw some impressive gains for the Chicago condos and real estate market as the Case Shiller Home Price Index reported a three-year high for Chicago-area condos.
In addition, the end of the year saw Chicago home prices reach their highest levels in four years.
Taking a closer look at the data, we see that although Chicago condo and home prices are on the rise in a major way, but they still have some ways to go before getting back to pre-recession levels. In fact, Chicago single family homes prices, while they’ve risen 24 percent from record lows, they are still about 24.4 percent below levels from the bubble peak.
In addition, while Chicago condo prices rose 20.6 percent from record lows, they are still about 20.7 percent below where they were in 2006. This means there are still great buying opportunities in our city for Chicago condos.
Still, it is positive to see the Chicago condo and real estate market ticking in an upward trajectory as it signals the industry is well on its way toward a full recovery.
On the national findings of the report, David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said: “The key economic question facing housing is the Fed’s future course to scale back quantitative easing and how this will affect mortgage rates. Other housing data paint a mixed picture suggesting that we may be close to the peak gains in prices. However, other economic data point to somewhat faster growth in the new year. Most forecasts for home prices point to single digit growth in 2014.”If you’d like to learn more about Chicago condos for sale, please contact me at 312-953-0961 today. I work in the city’s most prestigious neighborhoods, including River North, Gold Coast, Lincoln Park, South Loop and more.