Case-Shiller: Home Values in Chicago are Rising, But Not that Quickly
Home prices in the Chicago area continue to rise, and have risen for more than four years straight. That’s the good news. The bad news? The value of single-family homes in the Chicago area aren’t rising nearly as fast as they are in the other biggest cities in the country.
That’s the takeaway from a recent feature story in Crain’s Chicago Business. The story cited numbers from the latest S&P CoreLogic Case-Shiller indices, which were released in late September, showing that the growth in home values in the Chicago area tied for last place among the 20 major U.S. cities studied in the report.
According to the Case-Shiller report, single-family home values in the Chicago area rose 3.3 percent in July when compared to the same month one year earlier. In June, values had risen 3.2 percent when compared to the same month in 2016.
It’s good, of course, that home values in the Chicago area are rising on a year-over-year basis. The problem is, values here are rising at a slower pace than they are across the country. Case-Shiller said that nationally, home values had risen a more significant 5.9 percent in July.
Seattle saw the highest increase in home values this July, with a jump of 13.5 percent, according to Case-Shiller. Portland came in second, with an increase in home values of 7.6 percent in July.
If you’re ready to sell a condo or single-family home in Chicago, don’t let the Case-Shiller numbers stop you. It’s still possible to get a solid price for your Chicago home, especially if it’s located in one of the city’s more popular neighborhoods, places such as Lakeview, Lincoln Square, Streeterville or Lincoln Park. Quality homes in these neighborhoods continue to fetch strong prices.
And if you want to get the most value out of your home when you sell it, it’s time to work with a REALTOR® who knows your market. This pro can market your home to the greatest number of potential buyers and help you negotiate the best price for it.