The pace of home price growth in Chicago continues to lag behind the national pace, and new reports show it’s slowed down even more in recent months. For some time, the Chicago area was running about half that of the national pace.
New data from January shows the pace in Chicago has now slowed to less than one-sixth of the national figure. Some say this points to evidence the real estate market in Chicago was struggling before COVID-19 began impacting the national housing market.
Single-family home values in the region rose about 0.6 percent in January compared to the same time a year ago. When looking nationwide, home values this January were up nearly four percent.
While nationally home price growth was strong in January when compared to the previous month, Chicago’s figure stayed virtually flat. When looking at 20 major cities across the U.S., home prices grew by at least 2.5-percent in nearly all of them. Only Chicago and New York grew less than one percent.