Chicago single family home prices-
where have they been and where are they going?
The following chart shows median home prices for the city of Chicago — 2008 to 2014
The inventory of homes has dropped to almost nothing – this puts pressure on prices, causing them to rise. A “steady” market is 6 months of inventory. It’s neither a buyer’s market nor a sellers’ market at 6 months. Today, it’s a SELLERS’ MARKET!!
Here’s the Chicago inventory of homes (in months):
And, in raw NUMBER of sales, the units of single family homes sold in Chicago has risen dramatically:
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