The latest Case-Shiller index is out and it shows that prices are rising in the Chicago metro area – up a healthy 3.4% over March 2014! We are now seeing sale prices equivalent to those of early 2003.
Prices had been showing a seasonal fall, reflecting the typical price retreat during the end of most years. Keep in mind that the index records the value of closed homes – with the contracts written months earlier, so there is a lag time.
The current price gains confirm that the Chicago market is healthy and headed in a positive direction. We still have a long way to go to get back to the market highs, so keep your seller’s price enthusiasm in check!
If you have any questions about the housing market, feel free to call, text or email me today!