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Rush for real estate throughout the Chicago area
Thad Wong, co-founder and co-CEO of @Properties discusses the real estate market and explains why it is a seller's market.
CHICAGO - The typical value of homes in Chicago and the suburbs is skyrocketing, with some areas seeing almost 16 percent increases over the past year.
The real estate website Zillow tracks home values. The website found that among seasonally adjusted, middle-price tier of homes, prices are up all over the place:
- Waukegan typical value $165,824, up 15.9% over the past year.
- Fox Lake typical value $178,277, up 14.3% over the past year.
- Aurora typical value $212,887, up 11.5% over the past year.
- Lake Forest typical value $822,048, up 9.8% over the past year.
- Chicago typical value $293,626, up 9.4% over the past year.
- Naperville typical value $427,066, up 8.6% over the past year
- Evanston typical value $458,207, up 8.1% over the past year.
- Oak Park typical value $431,686, up 7.3% over the past year.
Housing prices are up because demand is up, with COVID allowing many workers to realize they did not have to stay in big cities. Mortgage rates are also lower than they have been in decades.