Home Values Take a Surprise Dip in Chicago

The latest research from the Illinois Association of REALTORS® didn’t exactly bring great news to Chicago homeowners who plan to list their homes this winter season. That’s because the median value of Chicago homes actually took a dip this past November when compared to the same month one year earlier.

What’s most concerning about this dip – and it was a small one – is that it was the first time median home values fell on a year-over-year basis since 2012.

According to the association, the median price of a home in the city of Chicago in November of this year stood at $259,500. That is down 0.2 percent when compared to the same month in 2016. Back then, the median home price was $260,000.

Again, that is a very small price dip. But Chicago owners looking to sell their homes want to see median values rising every month. They don’t want to see them stagnate or drop, even if the fall is a minor one.

At the same time, the number of homes in Chicago that sold this November also fell. The REALTORS® association reported that the city saw 1,923 home sales in November. That is down just a tick from November of 2016 when the city saw 1,937 home sales.

What’s behind the sluggish performance of the Chicago housing market in November? The REALTORS® association reminded consumers that this time of year tends to be a slower one for home sales. Consumers aren’t as eager to search homes for sale when they are busy preparing for the holidays.

The association also pointed to uncertainty over tax reform. This might not be having a big impact, but it wouldn’t be surprising if some potential buyers held off on entering the real estate market until politicians end their debate over tax reform.

If you’re ready to sell your home, enlist the services of a REALTOR® who knows your market. This pro can price your home properly and market it to the greatest number of potential sellers. In a slower market, the help of a professional is invaluable.