Chicago Home Prices Hit 11-Year Low

March 28, 2012

Talk about a buyer’s market: Chicago real estate prices are as low as they were more than 11 years ago.

Price Reduced Real Estate Sign in Front of Beautiful New Home.According to the Standard & Poor’s Case-Shiller Index, single-family home prices throughout the Chicago area fell 1.9 percent in January — the fifth straight monthly drop —  and were 6.6 percent lower than they were in January 2011.

The last time Chicago-area home prices were this low was back in January of 2001.

We aren’t the only city suffering. Out of the 19 metropolitan areas across the country the S&P tracks, 16 of them posted home-price decreases for the month of January.

“Despite some positive economic signs, home prices continued to drop,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The 10- and 20- City Composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows.

“Atlanta continues to stand out in terms of recent relative weakness. It was down 2.1% over the month, and has fallen by a cumulative 19.7% over the last six months. It also posted the worst annual return, down 14.8%. Seven of the cities were down by 1.0% or more over the month. With the new lows, both Composites are now 34.4% off their relative 2006 peaks.”

In Chicagoland, prices are 36 percent off their peak in 2006. Buyers, enjoy.

About The Author


Read All Stories By Tracey

Leave a Comment

Copyright © 2008-2018 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622