The Chicago condo market continues to benefit from increased competition and buyer demand, as prices hit a 32-month high in June, according to the Standard & Poor’s/Case-Shiller Home Price Indices.
Prices for both condos and single family homes reached high levels to begin the summer buying season, with condo prices up an additional 4.6 percent to the single family homes’ 3.3 percent rise in prices on a month-over-month basis.
This data puts Chicago condo prices back to where they were in April 2002, signaling a return to normalcy for the condo and housing market in the greater Chicagoland area. Also eye-popping is the fact that condo prices are 23.5 percent higher than where they were from the low experienced in March 2012.
“Other housing news is positive, but not as robust as last spring,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Starts and sales of new homes continue to lag the stronger pace set by existing homes. Despite recent increases in mortgage interest rates, affordability is still good as credit qualifications have eased somewhat.”
Taking a closer look at the Chicago condos data, prices were up 12.3 percent over the past year alone, bringing it very close to the all-time high mark since the condo index was originally implemented.There’s no question that the Chicago condo market is heating up, making now the time to start your search. I’m an experienced real estate professional in the greater Chicago area who’d love to show you around the most sought-after condos currently for sale in the Windy City.