Case-Shiller’s Chilling News: Chicago Home Prices in December Rose Very Slowly
Home values in the Chicago housing market did grow in 2017. That’s the good news. The bad news? They grew a lot slower than they did in much of the rest of the country.
Crain’s Chicago Business recently ran a feature story taking a look at the latest results from the S&P CoreLogic Case-Shiller Indices, one of the most respected studies of home values.
And what did the latest research show? That the increase in home values in Chicago at the end of 2017 ranked last among the 20 major U.S. cities that the Case-Shiller report studies.
That’s a bit depressing. After all, if you own a condominium or single-family home in Chicago, you want your home’s value to continue to rise. You don’t want it to rise at a slower clip than homes across the country.
According to the Crain’s story, the value of single-family homes in the Chicago region rose by 2.6 percent last December compared with the same month one year earlier. That’s a dip from November, when Chicago-area home prices rose 3.6 percent compared to 12 months earlier.
Crain’s reported that the December increase was actually the smallest monthly price increase here in about two years.
For comparison’s sake, home values in December were up 6.3 percent across the nation when compared to the same month one year earlier.
Again, it’s good that home values in the Chicago market did rise in December. But, if you bought your Chicago home during the peak of the long-ago housing boom, the odds are high that your home is worth less today than it was back then. Crain’s reports that the December home prices in the Chicago market were about 18 percent lower than where they stood in September of 2006, the peak level for area housing values.
If you are ready to sell your home, be sure to work with a REALTOR® who knows your neighborhood. This professional can help you land the highest possible sales price, even during a time in which Chicago-area housing values aren’t soaring by quite as much as we’d all like.