Good recent news if you are a homeowner, but not if you are a first-time buyer.
The monthly Case-Shiller index, the most widely watched gauge of metro home prices, continues to show Chicagoland near the top in price growth for the past year and month.
The most recent index release shows average home prices in America’s largest metro areas increasing by 3.92% for the twelve months through December 2024. The change for November to December was actually down a bit, with prices dropping by 0.15%. But for the metro Chicago area, however, prices for the year increased by 6.6% and 0.19% for the month. Only Boston and New York had higher appreciation rates for the year.
Keep in mind, however, that Chicago’s outperformance compared to national averages only began a couple years ago. On the whole, for over twenty years, Chicago prices badly lagged national averages, as shown here.
-Mark Glennon
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
The operative word here is “recent.”
This graph is reminiscent of the crime graph in Chicago. The past 12 months have been better, but the market in general has been stagnant. Illinoisrealtors.org shows a 2% decline in single family home sales volume from 2023 to 2024, but a 9% increase in price. A quick look on realtor.com in the western suburbs doesn’t show alot of homes for sale at entry to mid level prices, and the ones that are offered are selling quickly. The low activity for homes in general should be worrisome, whether it is lack of consumer confidence, lack of inventory for those wanting… Read more »