CHICAGO—Chicago-area home values took another big step upwards in February, with the median sales price reaching $212,430, up 12.4% when compared to the same month last year, RE/MAX reports. That followed a 10% increase in January.
“The median sales price in February was the highest for that month since 2008, the period when Chicago-area home values were at their pre-recession peak,” says Jack Kreider, executive vice president and regional director of the RE/MAX Northern Illinois network. Still, the median price is 12.4% lower than it was in February 2008. In 2012, the February median sales price fell as low as $135,000, 44.3% down from the 2008 peak, before values began rebounding.
The metro area's sales market in general has suffered from a lack of inventory, a situation that has persisted for some time. In the second half of 2016, for example, the inventory of homes for sale continued to run at about 10% below 2015 levels. Other markets around the US have experienced a similar state of affairs.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
