Case Shiller produces some of the most reliable and depended-upon reports for Chicago condos and homes, and a recent report published by the company shows Chicago condo prices seeing record gains from April to May of this year, the most recent months on record.
These record gains for Chicago condos came in the form of the value of these spaces going up 6 percent on average from just one month to the next. Condo values for this time period also reached highs they had not seen since July of 2011, but more importantly, they are up 18.1 percent from their market lows, signaling a turnaround in the Chicago condo market that has been evidenced recently in increased buyer demand and extremely low inventory rates. Overall, Chicago condo prices were up by 11.9 percent year-over-year.
The Case Shiller report also saw growth in the sector of Chicago home values, with single-family homes up 3.7 percent from April to May. These prices are up 14.7 percent from the market lows experienced in March 2012. Chicago single-family homes had also risen in price by 8.5 percent over the last year, with an added bright stat of these prices increasing year-over-year for seven straight months, a testament to the market's rebounding power in 2013.
The Case Shiller report tracks 20 major cities, and Chicago was one of the top performers in the recent findings. "Two cities set new highs, surpassing their pre-crisis levels ," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "And five cities—Atlanta, Chicago, San Diego, San Francisco and Seattle—posted monthly gains of over three percent, also a first time event."
To hear more about the lucrative Chicago condo and single-family home markets, please don't hesitate to contact me. I have helped numerous home and condo buyers find their ideal location, and I would love to assist you with your unique Chicago real estate needs.