Chicago Real Estate Market Leads The Nation For Third Straight Month
Chicago leads the nation and stands out as a top performer in home price growth, showcasing its resilience amid the current trend of declining sales and prices in much of the nation due to high interest rates. While the Chicago Real Estate Market lagged behind other major cities in terms of growth, the recent data from S&P/Case Schiller Home Price Index suggests that Chicago will remain one of the hottest real estate markets heading into 2024.
In August 2023, Chicago led the nation with a remarkable 5.9 percent increase in home prices compared to the previous year and has posted 7 straight months of positive home price increases,, referencing data from the S&P CoreLogic Case-Shiller Indices.
Chicago Home Price Index: Last 12 Months
Chicago Home Price Increase Leading the Nation 3 Consecutive Months:
June 2023: 4.6% Increase
July 2023: 4.2% Increase:
August 2023: 5.9% Increase
Chicago Real Estate Market: On the Rebound
Despite this immediate success, a broader perspective reveals a relative weakness in Chicago's housing market. The August index displayed Chicago home values at 197.32, contrasted with the January 2000 baseline of 100. This indicates that home prices in the Chicago area have nearly doubled since the start of the 21st century. In comparison, national home prices have more than tripled, with an index of 311 in August, according to the same source.
Chicago Housing Market: Current Inventory
The Chicago real estate market has continued to outshine the nation for the third consecutive month, showcasing remarkable resilience in the face of declining sales and prices seen in many other parts of the country due to high interest rates. While these recent statistics showcase immediate success, a broader perspective reveals a relative weakness in Chicago's housing market. The August index demonstrated Chicago home values at 197.32, significantly lower than the January 2000 baseline of 100, indicating that home prices in the Chicago area have almost doubled since the turn of the 21st century. In contrast, national home prices have more than tripled during the same period, with an index of 311 in August, as reported by the same source. The analysis of the current housing inventory in Chicago indicates an exceptional short-term performance alongside a comparatively slower long-term growth trajectory, which appears to be adjusting towards the national average which could make Chicago one of the most attractive real estate markets for home buyers and investors.
