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Chicago Mirrors Many U.S. Cities with Housing Price Stabilty, Some Growth, Downtown!

We hope you're enjoying your Memorial Day weekend!  Please take a minute or two to remember those who sacrificed bravely for our country.

Despite the recent downturn in the Chicago Real Estate Market, we have found that the downturn has not affected all areas of the city and suburbs equally.  Indeed, those working in real estate in other larger U.S. Cities seem to be experiencing the same pattern as well.

Here in Chicago, our Downtown Neighborhoods - The Chicago Loop, The West and South Loop, River North, and parts of The Gold Coast are experiencing stable prices, and, in some specific areas, modest growth over the last twelve months.  Indeed, a few of our homes have sold in multiple offers in 2008 - although the market time to get them to that point is often high.

Outlying Chicago Neighborhoods have shown far higher market times for our listings, and lower eventual sales prices than we would have predicted.

The San Francisco, New York, Boston, and Los Angeles Metro Marketsare showing similar patterns of decline in the Metro Area, but growth in some popular in-city neighborhoods.

See our post today @ BlogChicagoHomes.comfor more detail, as well as a link to John D. Opdyke's story in the May 20th Wall Street Journal.

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 1 commentDean Moss • May 25 2008 11:40PM

Comments

We're finding a similar situation in Denver, with many of our in-town neighborhoods having very stable sales.  It's more difficult to sell in the suburbs right now, due to competition with new construction.

Posted by Gretchen Faber, LifeStyleDenver (The Kentwood Company at Cherry Creek) over 10 years ago

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