Chicago’s residential real estate market is proving that sustainability pays off.
While home prices have soared at record rates in several U.S. cities throughout the pandemic, prices in Chicago have remained relatively flat.As a result, when interest rates spiked and a market price that had been climbing before plummeted, the Chicago area became the second-best in the nation for home appreciation, even without a major change in its market fundamentals, Klein’s reportciting data from the S&P CoreLogic Case-Shiller Index.
Home prices in the Chicago area rose 4.1 percent year-over-year in April, second only to Miami, which rose 5.2 percent. Chicago’s increase continued to expand, slightly higher than March’s 4% and February’s 3.6%.
Home prices have plummeted in some cities since the post-pandemic housing boom peaked last summer. In Phoenix, for example, home prices rose 31% in 2022 from the previous year, and are now down 6.1% from the previous year.
While Chicago’s single-family home market has never been as hot as other major cities, it has been more resistant to volatile changes. As a result, home prices gradually climbed during a period of insane housing price growth across much of the country.
chicago home values appreciate Based on a year-on-year comparison of the indicator, January’s figure topped the national average for the first time since 2016. From 2018 to 2022, the Windy City has the lowest growth rate among major cities.
Nationally, home prices fell 0.2% in April, the first decline since 2017. As of April 2022, house prices rose 20.4% YoY.
While the year-over-year data showed steady growth in Chicago home prices, the month-to-month data showed prices were falling.may mark seventh consecutive month Home prices are down in the Windy City, according to a study by Illinois Realtors. Still, as analyzed in the S&P CoreLogic Case-Shiller report, the study focused on dwellings within city limits, not metros as a whole.
— Quinn Donoghue