Chicago Home Prices Down for First Time in 5 Years
The median home price in Chicago has been trending up since 2012, but prices slipped 0.2 percent to $259,500 in November, according to Crain’s Chicago Business. This marks the first time since July 2012 that Chicago home prices have decreased, according to data from the Illinois Association of Realtors.
Home prices dropped 4.3 percent in July 2012, a steeper decline than last month’s 0.2 percent dip.
Although home prices in the city declined, the median home price for homes in a nine-county Chicago area increased 5.1 percent, according to the report. In November 2016, the median price in this area was $214,000, and this year the median price was $225,000.
The number of homes sold in both Chicago and the nine-county region was down compared to last year. A total of 1,923 homes were sold in the city in November, representing a 0.7 percent decrease compared to last year, according to the report. In the same month, 8119 homes were sold in the nine-county area, a 1.6 percent dip.
Representatives from the Illinois Association of Realtors attributed the dip in price and sales to the cyclical nature of real estate, Crain’s Chicago Business reports.