REPORT: Chicago Area Home Prices Are Getting Stronger

Posted by Helaine Cohen on Saturday, November 23rd, 2019 at 2:38pm.

Chicago Area Home Prices Recent months have been up and down with regard to home sales in Chicago. October was a slower month overall for home sales in the Chicago area, but despite the dip in sales activity, home prices remained strong in the 9 counties making up the metro area, according to the latest figures. The average price of home sold in October in Chicago was $275K up about 1.4 % over 2018. If you compare that to the metro area, the average price of a home in October was about 240K which is an increase of 4.3% over last year. This is the strongest growth in prices of any month since February 2018.

According to a national report by the National Association of Realtors, home prices nationwide were up 6.2 percent in October from a year earlier. Chicago's volume of home sales remains on the weaker side There were 2,048 homes sold within the city in October. That’s down around 2.8 percent from the sales volume in 2018. 

Some of the various reasons for the lower volume include; approved property tax increases and the fear of further increases, and also the area's population loss resulting in lower demand for homes. Nationwide, home sale volume was up 4.6% in October from 2018. Chicago home sales year-to-date, total 22,587, which is down 5.7% from the first ten months of 2018. Within that 9 county metro area, sales year-to-date total 92,656, a difference of 6% from the same time last year. Price growth for October appear solid, but because recent months have varied between weak and moderate it's too early to tell whether it's the beginning of a hot streak with regard to price.  

Helaine Cohen, Chicago Real Estate Broker

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