In Illinois, the statewide median price of $285,000 was 5.6% higher than it was last year at this time. The median price of a home in the Chicago Metro Area in July 2023 was $340,000, up 5.3% from $323,000 in July 2022.
We’ve seen this pattern before…in 2006-2008….Sales volume declines while prices continue to rise slightly. Soon prices will plateau and prices will fall slightly. The falling prices brings out the sellers who want to get out while the getting is good…and prices will collapse.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
We’ve seen this pattern before…in 2006-2008….Sales volume declines while prices continue to rise slightly. Soon prices will plateau and prices will fall slightly. The falling prices brings out the sellers who want to get out while the getting is good…and prices will collapse.