It’s no mystery that Chicago is taking a little bit longer to recover from the housing downturn than most cities, but five specific markets are doing just fine.
The Chicago housing market in the last year has been somewhat of an anomaly, but not in a good way. While the national housing market has been putting up some of its best numbers in years, the Chicago housing market has largely chugged along, as some of the city’s west and south neighborhoods struggled with large inventories of distressed properties.
As the latest research from the excellent Institute of Housing Studies at DePaul University shows, however, there are some housing markets in Chicago that are doing just fine, and others that put up some remarkable numbers thus far in the new millenium. For some perspective on what those markets are, see our infographic below:
Again, this is not quite city-wide – the Institute of Housing Studies’ report found that for all of Cook County, single-family home prices were flat year-over-year in the fourth quarter, while condo prices were actually down 10 percent – but it’s nonetheless promising to see such progress for some of the city’s largest markets.