Chicago Home Prices Rise Year Over Year

February 02, 2013

generic home price imageWhile Chicago home prices did fall slightly in the month of November, according to the most recent S&P/Case-Shiller index, the drop in home values isn’t necessarily a cause for major concern. Many home prices tend to slip during the winter months, even though many builders and new home communities offer holiday purchase incentives.

Single family home prices in the Windy City fell 1.3 percent from October to November of 2012. Other major metro areas, such as New York and Boston, have experienced similar home price decreases, which is further evidence that the price change is primarily seasonal.

In the seven-county Chicago metro area, prices may not be seeing sharp increases, but the number of homes sold is on a large upswing. November sales of attached and detached homes totaled 7,500, which is a 37 percent increase from November 2011. Home sales in Cook County increased by 32 percent, sales in the city of Chicago rose 22 percent and suburban home sales are also beginning to pick up. DuPage County experienced a 51 percent increase in home sales in December and McHenry County experienced a 53 percent increase in sales. This increase in sales is a preliminary indicator that future reports will include stronger price improvement across the Chicago area.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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