Housing recovery still a sluggish one in Chicago
If the value of your Chicago home is lower today than it was when you first bought it, know this: At least you’re not alone.
That’s the message from a recent feature story by Crain’s Chicago Business. According to the story, home values have only fully recovered from the housing crash that started in 2006 in one out of every eight ZIP codes in the Chicago area.
Crain’s looked at numbers from the S&P CoreLogic Case-Shiller Home Price Indices to determine this, looking at home values for 187 ZIP codes in the Chicago area. Of these ZIP codes, only 23 had seen home values rise past their previous peaks by the end of 2017.
Crain’s found, too, that in 27 of the ZIP codes in the Chicago area, home values ended 2017 down at least 20 percent from their previous highs. That sounds bad, but it’s actually an improvement. According to Crain’s, that’s better than in 2016 when home values in 47 Chicago-area ZIP codes were still down that far.
Where are those ZIP codes in which home values have recovered the fastest? In the West Town, Wicker Park and Ukrainian Village neighborhoods, values were 18 percent higher than their former peaks at the end of 2017. And in the Gold Coast, Near North Side and Old Town neighborhoods, values were 17.7 percent higher.
The news was good in Lakeview, too, where home values at the end of 2017 were 11.6 percent higher than their peaks before the housing crash. That number stood at 9.9 percent for Wrigleyville and 3.1 percent for Lincoln Park.
What if your home is worth less today than it was when you bought it? This isn’t a big problem unless you need to sell. Then you might have to accept that you’ll sell your home for less than what you paid for it.
Work with a REALTOR® who knows your neighborhood. This professional can market your property to the greatest number of potential buyers. And when that happens, your odds of selling your Chicago condo or single-family home for the best possible price will increase.