Chicago residential real estate price increases continue
But it deserves an asterisk: The figure reported at this time last year, duringthe first few months of COVIDshutdowns, was almost flat, just 0.8 percent above the June 2019 figure.
Nevertheless, the latest report marks a remarkable stretch of price acceleration.
In the city, $351,500 was the median price of homes sold in June. That’s up 6.8 percent from June 2020and is the smallest figure of any month of the current boom. City home prices have been up by double digits in eight of the past 11 months, including May, when prices were up 11.5 percent from a year earlier.
Nationwide, home prices were up 23.4 percent from June 2020, according to data released separately this morning by the National Association of Realtors.
A key reason for the big price increases is that in a tight-inventory market, buyers looking to make housing changes that suit their post-pandemic needs are having to bid up.
Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois at Urbana-Champaign, said in the Illinois Realtors report that the inventory …
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