Homeowners around the country have been salivating as home prices continue climbing into territory not visited since late 2008. In a new report from RealtyTrac, the real estate information company helped to further whet appetites, revealing that in October the median sales price of single-family homes and condos reached $193,000. The increase marks a 73-month high and a 16 percent year-over-year gain.
Daren Blomquist, vice president of RealtyTrac, attributed the overall improvement to investors, saying their habit of hopping from one market to the next, drying up “lower-priced, often distressed” inventories has created a kind of “ripple effect recovery,” pushing investors into new hot spots such as Dallas and Oklahoma City.
Unfortunately, not every state and metro has been lucky enough to follow the nation’s lead, with the pace of appreciation faltering in several major cities, like Phoenix. But for homes for sale in Chicago, prices nearly matched the nation’s double-digit stride.
Since 2013, price appreciation in the windy city has increased 4 percentage points from 11 to 15 percent, surpassing San Francisco, Atlanta, Las Vegas, New York and a slew of others.
As Chicago Agent pointed out in a recent article, overall home prices for homes for sale in Chicago actually fell slightly (0.2 percent) compared to the same time last year. Fortunately, the dip is a positive. The autumnal decline represents a “much-needed market correction” and a shift “towards a more sustainable market.”