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Chicago’s home prices grew at more than five times the pace of the nation’s in February, according to today’s report from the S&P Cotality Case-Shiller Indices. Home prices here were up 5.04% in February, the index reports, compared with growth of 0.7% nationwide.
Audio and summary linked here.
A mess of uncertainty and litigation is sure to follow.
Summary and audio linked here.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
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Agree with Irish Patriot this is not lack of supply. This is people with low mortgage rates in the suburbs trying to finish up their jobs or other family obligations before they move on. The great migration of people moving out en masse (even more than recently) is on the horizon. The report of 35% projected decrease in HS enrollment portends even greater numbers of people will continue to leave. The ridiculous spending cannot be sustained as taxpayer needs are ignored and more companies continue to leave – and their educated workforce with them. Just take a drive through Indiana,… Read more »
Certain areas and suburbs are hot. It’s not universal. Factor in the fact that there has been a lot of pent up demand since the 2008 crash. In any event, it’s good news. Now you don’t have to change anything. Chicago and Chicagoland are great. Stay there and enjoy. I’m sure it will all work out for you in the end.
Useless Chicago Media member and DNC cheerleader Crain’s is so desperate to detract from the outflow of businesses and productive population from Chicago and Crook County. Mere days ago, this same Useless Chicago Media rag was forced to report on the latest record-high commercial property vacancy rate.
No matter how much you hate the media, it always proves insufficient.
I respectfully disagree with you on that. Crain’s real estate section, in my view, has long been excellent and apolitical, and they are simply reporting the facts here. Chicago area home prices have indeed been exceptionally strong in recent years. There’s no contradiction between that and reporting on the horrible commercial property market. The driver in home prices is lack of supply, not inflow or outflow of people.
As the great Bugs Bunny once quipped to Yosemite Sam, “Wait.”
“The driver in home prices is lack of supply, not inflow or outflow of people” The caveat and asterisk to your analysis is that: Supply is at or near historical record lows while simultaneously transaction volume is at or near record low volume too. In plain English this means that there are few buyers right now and they’re competing over even fewer properties. It’s probably the worst time to be a home buyer – or Realtor – in history, as we in Chicago are in year 3 of a multi-year bust. https://fred.stlouisfed.org/series/CHXRSA Chicago’s real estate market has been a rocket… Read more »
I remember when commenters here told me that the Chicagoland real estate market was going to collapse. One commenter even told me over two years ago, that by now, we would experience at least a 20% drop in prices. Instead prices just keep on going up.
EvErYoNe Is LeAvInG!!!!. YoU bEtTeR gEt OuT wHiLe YoU cAn. lol
Some commenters did. I did not.
I worked as a real estate appraiser for 30 years in Chicagoland. The only new construction in the City is high-end single-family or condos. Always tearing down an older house and replacing it. In the inner suburbs the same. New subdivisions are built in the collar counties at least an hour drive away from the City. The shortage of supply is due to the above and also the large percentage of mortgages that were refinanced during the pandemic when rates were at historic lows. 30-year mortgages were available at 3%. Boomers who should be downsizing and selling are staying put.
https://fred.stlouisfed.org/series/csushpinsa
S&P Cotality Case-Shiller U.S. National Home Price Index (CSUSHPINSA)
You’re being a bit churlish and overly melodramatic over wHeN CoMMenTerS ToLD yOU
And not a peep on the stories about commercial buildings selling for a small fraction of the price paid only a decade ago.
Actually Crains has been prominently tracking the decline in commercial building prices in central Chicago. example Just not in this particular article.
True. And we post them here.
Yes. I was referring to PPF, not Crain’s