You need only concern yourself with what housing prices are doing in your city and in your neighborhood. In Chicago, there are several neighborhoods – including Lincoln Park, Lincoln Square, River North and the Gold Coast – where housing prices are holding steady or increasing.
SearchChicago-Homes had an interesting story last week that highlighted this point once again. One of the most important reports tracking housing activity and values is the Standard & Poor’s Case-Shiller index, which tracks sales in 10 metropolitan areas. The researchers behind the index recently reported that of these 10 markets, the only one that they predict will not suffer a loss in average housing prices during the next four years is Chicago.
The index instead predicts that Chicago housing prices will remain flat for the next four years. Yes, that means they won’t increase in value. But they won’t lose value, either. That’s good when compared to some of the other major markets that the index tracks. Washington D.C. housing prices, for example, are expected to drop 15 percent, while home values in Los Angeles are expected to plummet 17 percent.
Makes you glad, once again, to be living in Chicago, doesn’t it? And if you’re a homeowner in the city, you should be even happier.
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