LendingTree study: Chicago home values have dropped since 2009
Housing prices in Chicago have not yet recovered from the real estate crash of 2008, according to the latest research from LendingTree.
LendingTree studied how housing markets across the country have changed since 2009. And Chicago ranked as one of the few metropolitan areas in which housing prices have actually fallen since then.
According to LendingTree, the median home value of a home in the Chicago market stood at $249,600 in 2009. In 2017? That median value had fallen to $400,300. That’s a drop of $9,300 in median value since 2009.
Chicago joins Hartford, Connecticut; Virginia Beach, Virginia; and Baltimore as the only metro areas in which median housing prices have fallen since 2009, according to LendingTree.
LendingTree found that on average median home values have risen by nearly $50,000 across the 50 largest metropolitan areas in the United States since 2009. San Jose, California, has seen housing values increase the most. LendingTree says that the median value of a home here stood at $638,300 in 2009. In 2017, that figure jumped to $957,700, a median increase of $319,400.
What does this mean if you are ready to sell a condo or single-family home in Chicago? Only that pricing matters more than ever.
You might want to set a higher price tag for your home than what the market bears. Resist this temptation. Buyers today won’t overpay for a home. If you set a price that’s too high, your condo or single-family home will simply sit on the market for months, no offers in sight.
A better move is to work with a REALTOR® who understands your market and who can help you set the right asking price. You want a price that’s fair for today’s market and will attract the most offers. You also don’t want to leave any profit on the table. That’s where a knowledgeable REALTOR® comes in.