Chicagoland Asking Prices Post Dramatic Growth

by Peter Thomas Ricci

Asking prices remained quite strong in our metro area in May, according to fresh numbers from Trulia.

The good times continued to roll for home prices in the Chicagoland area in May, with asking prices rising 13.5 percent yearly and 4.3 percent quarterly, according to the latest Price Monitor from Trulia.

In what Trulia labeled a “dramatic” change, Chicagoland’s yearly returns were up from a mere 3.6 percent increase in May 2013; in other words, Chicagoland’s asking prices jumped nearly fourfold in the last year!

Additionally, both the area’s yearly and quarterly increases were the third best in the nation among large metropolitan areas, and the area’s asking rents rose 6.2 percent year-over-year.

Is the Honeymoon Over?

If national trends are any indicator, though, we shouldn’t get too comfortable with such increases. As Jed Kolko, Trulia’s chief economist, explained in his notes to the Price Monitor, asking prices in May rose at their slowest rate in 13 months, and for the first time since July 2012, no metro areas saw home prices rise more than 20 percent year-over-year.

How did our market, though, compare with the rest of the nation? Check out our graph below for an idea:

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