Despite the gloomy national survey reports on falling property values that show lower home prices in 77 markets, prices of residences rose in 73 markets countrywide. According to columnist Don DeBat, Chicago’s market was actually one of the good news stories of the past year.
Yes, fewer homes and condos were sold here last year than in 2007, but prices – especially in high demand North Side neighborhoods – rose, in some cases substantially, according to David Hanna, president-elect of the Chicago Association of Realtors.
Overall, the median price of condominiums in the city rose a solid 5.8 percent in 2007, although the number of units sold fell 10.4 percent. Meanwhile, the median price of single-family homes eked out a thin one-half of 1 percentage point rise, while the number of units sold fell 24 percent.