Chicago Real Estate Market
Overview of the Chicago Real Estate Market
For the period Dec 14 to Mar 15, average price per square foot for Chicago IL was $192, an increase of 9.1% compared to the same period last year. The median sales price for homes in Chicago IL was $212,000 based on 3,348 home sales. Compared to the same period one year ago, the median home sales price increased 6.5%, or $13,000, and the number of home sales decreased 7.3%.
There are currently 9,482 resale and new homes in Chicago on Trulia, including 64 open houses, as well as 10,370 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Chicago IL was $463,049 for the week ending Mar 04, which represents an increase of 0.8%, or $3,688, compared to the prior week.
Popular neighborhoods in Chicago include Near North Side and Lincoln Park, with average listing prices of $977,976 and $1,428,554. (Trulia)
From a national perspective, the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury release a housing scorecard each month which collects key data on the housing market’s health and the results of the administration’s mortgage modification and foreclosure prevention efforts.
According to the most recent release, the market is on a strong trajectory with many key indicators showing significant progress. For example, new home sales in January remained at a nearly six year high and were 5.3 percent higher than a year earlier.
Also, home price increases continue to moderate, indicating that home prices are stabilizing after experiencing sharp gains in the years since the housing crash.
Among the other encouraging news, foreclosure starts continue to trend downward and mortgage rates remain historically low. But though there has been reason for optimism following a number of encouraging economic and housing reports near the end of last year and the beginning of this one, the report cautions that there is still work to be done in order to help more Americans realize their dream of homeownership.
It also notes that existing-home sales were down in January, though some of the decline was likely due to severe winter weather in some parts of the country.
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