According to Standard and Poor’s Case-Shiller Home Price Index, home prices have fallen the least in the Chicago metro area compared to the other top 10 housing markets. Year-over-year prices have fallen 0.7% for Chicago compared to a top 10 city average of 4.1%. San Diego has the highest decline of 7.4%. For the full article see CNNMoney.com’s “Home prices: No relief on horizon” .
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ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale. Fran has been quoted in numerous Chicago and national publications. To schedule showings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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Fran – Does this match with your perception of the market? Do you think that there are unique circumstances in Chicago that help stem the national trend or is this merely a time lag, where the Chicago market is just slower in dropping compared to other markets?
Hi JKK,
The biggest reason prices have dropped less in the Chicago area is that they rose less in past years compared to the other top 10 cities. While the east and west coasts plus Las Vegas had explosive appreciation, our appreciation was good, but more moderate due to less speculation. I’ll take our less volatile market any day!