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Chicago Home Prices and Sales Could Continue to Increase in 2017, according to University of Illinoi

What does the housing market look like for single-family homes in and around Chicago for 2017?

The general forecast is quite good, said Dr. Geoffrey J.D. Hewings, director of the Regional Economic Applications Laboratory at the University of Illinois. See infographic below.

Two takeaways:

Home prices should rise. Dr. Hewings forecasts that median home prices in the Chicago Primary Metropolitan Statistical Area (PMSA) could range from a modest 3.8% increase to a robust 8.4% increase in 2017.

Home sales should increase. One the high side, the report indicates a potential median increase of 9.21% in Chicagoland in 2017; on the downside, perhaps a decease of up to 3.5%.

One factor impacting home sale prices in Chicago (and Illinois) has been the decline of inventory. The inventory of homes in Illinois for sale has steadily decreased since 2008, at the depth of the recent real estate troubles. As of December 2008, the number of for sale home in Illinois was 107,400, dipping to less than half of that number eight years later. (Low inventory of homes expected to rise toward the end of 2017.)

For more information on why your should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452 or harold.willig@springviewinvestments.com

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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