Chicago home prices soar, climb 11.1% in one year

Early this morning, I was enjoying (well, not enjoying so much as I was tolerating) a big ol’ cup of McDonalds coffee as I browsed through my Chicago Tribune app for IPad while I woke up. As I read, I stumbled across an article that, immediately, I knew I had to share.

Thanks to our demonstrators Kelly and Ashleigh on this one :)

According to the Chicago Tribune, the median price of a home sold in the city of Chicago in November was $200,000, which is 11.1% higher than $180,000 in November of 2012.

That’s an 11.1% increase in Chicago home prices in one year.

If you can stand more positive news, not only are home prices rising, but average market time is decreasing. One year ago, it took an average of 70 days for a home to go under contract in Chicago, compared with only 53 days as of November of this year.

The driving force behind this is what’s starting to feel like a constant lack of inventory. In Chicago, the inventory in November was down 27% from the year before.

So what does this mean for the average seller? I think Matt Farrell, the president of the Chicago Association of Realtors, said it best:

“If anybody is thinking about selling, and they have a decent property to offer, it could be an interesting time. The field is pretty thin. If you have a property that will compete well in the spring, right now you could be the one getting all the traffic.”

To read the actual article from the Chicago Tribune, click here.

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