Home prices around the country have increased in 2015 and the Chicagoland area is certainly seeing a similar trend. According to CoreLogic’s June 2015 Home Price Index, home prices in the area, including distressed sales, have increased by over 3% year-over-year, and by roughly 4.3% excluding distressed sales.
Although 3-4% is a nice jump, the Chicago-Naperville-Arlington Heights area is still seeing a lower percentage than the national average of 6.5% with distressed sales, and 6.4% without.
Pent up demand, higher consumer confidence, and job growth in many parts of the country have industry professionals believing home prices will continue to increase though 2016, albeit at somewhat of a slower rate.
And with interest rates also expected to rise sometime this fall, anyone planning to purchase a home should act sooner rather than later if they hope to save some money.