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Chicago Asking Price Growth Among Best in Nation in August

by Peter Thomas Ricci

Asking prices continued their ascent in August, according to new numbers from Trulia.

Asking prices in the Chicagoland area rose 12.5 percent year-over-year in August, according to the latest Price Monitor from real estate website Trulia.

That gave Chicagoland the ninth-strongest asking price increases in the nation, and among large metro areas, Chicago’s rate of increase was the third strongest.

Judicial States Staging a Comeback

Chicago, though, was not alone in its strong August showing, as every large metro area put up strong asking price increases in August. In fact, according to Jed Kolko, Trulia’s chief economist, even metro areas in judicial states (where the foreclosure process has taken much longer than in non-judicial states) are showing increased pricing activity.

“Even judicial states are seeing the light at the end of the foreclosure tunnel and are getting their own price boost,” Kolko wrote. “In August 2014, asking prices on for-sale homes excluding foreclosures were up 6.9 percent year-over-year in metros in judicial states, only slightly behind the 7.8 percent increase in metros in non-judicial states. In contrast, in August 2013, the year-over-year price gain was 14.1 percent in non-judicial states and just 5.1 percent in judicial states.”

Interested in how Chicago compared with the rest of the nation? Check out our graph below for some perspective:

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