Despite Price Gains, Chicago’s Housing Market Still Quite Undervalued

by Peter Thomas Ricci

Our local market has made quite a bit of progress since 2011, but it still hasn’t reached the promised land.

Housing bubble talk has grown strangely common the last few months, what with home prices nationally posting double-digit increases from where they were a year ago, but here in Chicago, work still remains.

Per the latest Bubble Watch from Trulia, home prices in Chicagoland are still 16 percent undervalued, and even with those aforementioned double-digit increases, prices are still 5 percent undervalued nationwide, compared to fundamentals.

How do we compare with other local markets? See our graph below to find out:

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