Housing Prices Keep Rising, Across the Country and in Chicago

Housing prices across the country rose in the fourth quarter of the year, according to the latest research from the National Association of REALTORS®.

 

According to the association, the national median existing single-family home price in the fourth quarter of 2017 stood at $247,800. That’s an increase of 5.3 percent from the fourth quarter price in 2016. That number was $235,400.

 

It’s important to note that there is a difference between median price and average price. The median price is that price at which half of homes sold for more and half less. In the fourth quarter of last year, then, half of all homes sold for more than $247,800 and half sold for less.

 

A rising median price, though, is a sign of a national housing market that continues to strengthen.

 

Median prices in the city of Chicago rose, too, during the end of 2017. According to numbers from the Illinois Association of REALTORS®, the median price of a home in the city in December of 2017 was $267,500. That is up 2.9 percent from December of the prior year, when the median price was $260,000.

 

Overall, the median price of a Chicago home was $285,000 for the entire year of 2017. That, again, is an increase, a jump of 4.8 percent from the median price of $272,000 in 2016.

 

If you’re thinking of selling your condo or single-family home in Chicago, now is a good time to list your property. Homes that are priced fairly according to the market, and staged so that they look their best, tend to sell for solid prices.

 

Your best bet is to work with a REALTOR® who knows the neighborhood in which you are selling. Working with such a pro gives you the best odds of selling your home for the highest possible price.