Dec
10

National Housing Prices on the Rise

December 10, 2012

chicago real estate home prices

According to USA Today, lower priced homes are now selling at higher prices as the housing market strengthens. Why is this such good news? Homes with the lowest prices were the first to be affected by major price cuts during the 2008 recession.

Since October 2011, however, the least expensive homes on the market are experiencing price increases of 10 percent, while prices of more expensive homes are increasing by only 7.6 percent.

There are two main reasons for the increase. Investors are buying inexpensive homes to turn into rentals, and the decline of distressed homes sales is pushing the market toward recovery. Also, as the overall economy strengthens, homes at the low end of the market are the first to show signs of price increases.

There have been several recent gains in the Cook County real estate market. Single family home prices in the Chicago Lawn, Auburn, Gresham and Beverly areas are on the rise as more investors are purchasing and rehabbing these homes.

Prices are also increasing in the following suburbs:

  • Near West Side and East Garfield Park
  • Belmont Cragin, Hermosa
  • Evanston
  • Highland Park
  • Wilmette
  • Humboldt Park, Austin
  • Cicero

Overall home sales in the Chicago area have increased 44.1 percent since October 2011.

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Jessica Thom

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