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FutureStarrAs compared to other areas of the country, Chicago's home prices remain steady,
Zillow data shows that Chicago home values are stable compared to other areas of the country. While Chicago's value for homes is not the highest in the country it is still higher than areas such as California and Florida. Even if your home isn't worth the same amount than a comparable property in other cities however, you can take comfort in knowing that other have better value. If you live in Chicago and are considering selling your home now is the perfect time to start.
Zillow placed Chicago third in 2016 for home sales. The city's price appreciation remained steady in 2016, even with a tight housing market. The S&P/Case-Shiller home price index revealed that the prices in Chicago were among the lowest in the nation. This means that Chicago is a booming seller's market, however buyers are still searching for the best deal.
While the city's suburbs and city centers are both experiencing an economic downturn, home prices in both areas rose in the past year. Urban areas saw the largest rise in home prices in the last year while suburban areas had the biggest drop. The suburbs of the city are still less expensive than urban properties. If you're looking to find an urban area that is close to work, Zillow suggests the West Loop, Oak Park, and the Gold Coast.
Zillow reports that prices in Chicago's suburbs have decreased in the last year. In contrast, suburban areas had the most declines with prices substantially higher than those in urban areas. While the urban areas have experienced the largest declines, larger homes in the suburbs tend to be more expensive. The most suitable Chicago neighborhood to buy a home is one that allows you to walk all over the place. This can be a huge benefit for buyers.
Zillow isn't restricted to Chicago. It also has listings in other cities. By default, Zillow will give you the equity in homes in a specific neighborhood. This is a reliable indication that the homes in a particular area have gained value. However, the same can't be said about the entire Chicago region. The summary page for the suburbs will give you information about your property's equity. Only residents of the city can access information about your neighborhood's equity in the home.
The data from Zillow also show that home values have decreased in Chicago since last year. This is largely due to restrictions on housing in the city. While some neighborhoods are still enjoying a boom, others had significant declines in values. The Lower West Side, for instance, saw the most drastic decreases. This trend continued in neighborhoods such as Belmont Cragin and Douglas. However, prices in other areas have remained steady, which is reflected in the price of homes.