New home construction is finally picking up in Chicago, but so are the prices.
The median home price jumped 12.9 percent from $155,000 in March of last year to $175,000 this March.
It’s what thousands of families across the Chicago area have been waiting to hear: home prices and home sales are both up. Those are two encouraging signs that the housing market is rebounding in Chicago.
Illinois is bucking the trend, posting positive home sale numbers in the face of dismal national numbers.
The Chicago and Illinois housing markets got a vital shot in the arm on Thursday, as March figures revealed existing home sales shot up significantly. Median prices also went up in Chicago, ending a long streak of declines.
Home prices in the Chicago area rose 1.9 percent in July from June—the third straight monthly increase.
New numbers released on Tuesday provided a glimmer of hope for the struggling housing market, as home prices in some cities – including Chicago – went up in May.