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Chicago Asking Prices, Rents Continue Strong Increases in March

by Peter Thomas Ricci

March was another solid month of price increases in the for-sale and rental markets, both locally and nationally.

Chicago’s asking-price fortunes continued in March, according to the latest Price Monitor from Trulia, with asking prices in the area’s housing market rising 13.1 percent year-over-year (and 2.6 percent quarterly) and asking rents rising 4.1 percent.

Those increases, explained Trulia Chief Economist Jed Kolko, are pretty consistent with the the wider national trends: “Despite declining investor purchases and more inventory coming onto the market, asking home prices continued to rise at the start of the spring housing season. Month-over-month, asking prices rose 1.2 percent nationally in March 2014, seasonally adjusted. Quarter-over-quarter, asking prices rose 2.9 percent in March 2014, seasonally adjusted, reflecting three straight months of solid month-over-month gains. Year-over-year, asking prices are up 10 percent nationally and up in 97 of the 100 largest metros.”

Interested in how we compare with the rest of the nation? Check out our graph below to find out:

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