Home values here haven’t fully recovered from the 2007 housing crash
Home values in the Chicago area reached their highest point way back in 2006. Then the real estate crash hit. And since then? Values throughout the Chicago area haven’t fully recovered, with average home prices today still below those 2006 peaks.
That’s the gist of a recent story in Crain’s Chicago Business. The story looks at the latest numbers released by the S&P CoreLogic Case-Shiller Indices. According to these numbers, home values throughout the Chicago area in July of this year were more than 12 percent below where they stood in September of 2006.
Only two cities in the indices were worse off than Chicago. In Miami, home prices in July were 13 percent below their previous peak. In Phoenix, prices were 14.6 percent below their previous highs.
Across most of the rest of the nation, it’s a different story. According to Crain’s, home values are nearly 13 percent above their former peak throughout the United States as a whole. Then there are individual cities that are seeing home prices rise even higher. In Boston, for instance, CoreLogic reports that prices are more than 20 percent higher than their former peak values.
Home prices here, though, are average near where they stood in October of 2004.
What does this mean for you? If you are buying a home in Chicago, it’s not bad news. Home prices here have risen during the last five years. But they haven’t risen nearly as fast as they have in other parts of the country. This could make finding your dream Chicago home a less expensive task.
If you’re selling? You need to work with a REALTOR® who knows your neighborhood. This pro can help you set the best asking price for your home and help you market it to the deepest possible pool of buyers. You’ll need this if you want to sell your Chicago home or condo for the best possible price.