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Back from the brink: How much has Chicago bounced back from the recession?

by Timothy Inklebarger

Back from the brink: How much has Chicago bounced back from the recession?

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It’s been a long road to recovery for U.S. housing from the days of the 2008 recession, but a new Zillow report shows that the market gained $11 trillion in value in the 2010s and now stands at roughly $33.6 trillion.

That staggering number from the end of 2019 represents a 3.4 percent increase – roughly $1.1 trillion – from 2018 and a 51 percent jump from the beginning of the decade.

To put it into perspective, the total value of housing in the U.S. right now roughly equals the GDPs of the world’s two largest national economies – the U.S. at about $20.5 trillion and China at roughly $13.6 trillion.

How did Chicago do over that same period of time? According to Zillow, the current total value of residential real estate in the metro area is $817.1 billion, up by about $14.1 billion over the last 12 months and by $109.5 billion over the last decade.

The vast majority of the increase in housing value across the country over the last decade is attributed to simple appreciation at 86 percent, roughly $9.7 trillion, while the remainder represents newly built homes, according to Zillow.

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