Chicago-Area Home Values Start the Year with a Big Jump
Home values are rising across the country, according to the latest research from the S&P CoreLogic Case-Shiller Indices. And this includes the Chicago market.
According to Case-Shiller, home values in the Chicago area rose 5.8 percent in January of this year when compared to the same month one year earlier. This is good news for homeowners in the Chicago area who are ready to sell their single-family homes and condominiums: That price increase is the largest year-over-year increase for the Chicago market in more than two-and-a-half years, Case-Shiller reported.
January’s year-over-year boost is the biggest since June of 2014. Back then, Chicago-area home values rose 6.7 percent from June of 2013.
What’s important about the Case-Shiller numbers is how large those year-over-year increases are. If markets are seeing yearly percentage gains that continue to get larger, that’s a good sign that its housing market is in the middle of a steady growth period. It’s a positive, then, that in the Chicago-area housing market, year-over-year increases have grown larger for eight consecutive months. In December of last year, for instance, the year-over-year gain was 5 percent in the Chicago area. January’s year-over-year gain, of course, was larger.
The housing markets in the major metropolitan areas that the Case-Shiller Indices track performed similarly to Chicago’s. Home values in January across the nation rose 5.9 percent when compared to one year earlier, according to the index. This year-over-year gain was the biggest in 31 months.
Just because home values are rising, doesn’t mean that homeowners will automatically nab the price they want for their condos and single-family homes. Buyers will still only pay what homes are worth today, regardless of what sellers paid for them. Sellers, then, should work with a REALTOR® who knows their neighborhood. This professional will help owners set the right asking price for their residences.