RSS Blog FeedMarket Trends In Chicago
Posted at 8:52 AM, Sep. 14, 2009
Are we seeing signs of recovery yet? Not according to David Hanna.
"Chicago continues to show a leveling of the marketplace as we see distressed properties being absorbed. With that said, we are a long way from seeing a stable real estate market in Chicago, and we face challenges surrounding lending that do not take into account real local market conditions," David Hanna, president of the Chicago Assn. of Realtors, said in the release. "Policy changes are still needed before Chicago can have a healthy real estate market, and a full economic recovery."
Median prices fell year-over-year in the Chicago area and the city. The region’s median price — where half the homes sold for more and half sold for less — was $213,500 in July, a 16.3% decrease from July 2008, the Realtors association said.
In the city, the median price was $245,000 in July, down 18.3% from last year.
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