Homes in Chicago are priced fairly in relation to household income, population density, and other factors, according to the latest quarterly market survey (PDF) from IHS Global Insight and PNC Financial Services Group, The Wall Street Journal reports.
The average value of a Chicago home in the fourth quarter of 2008 — $229,200 — was about 8.9 percent lower than what IHS and PNC determined was a fair market value, but still within the 14-percent margin above or below the historical norm that would make the market over- or undervalued.
In 2005, 52 metro areas saw prices at least 34 percent higher than a fair market value, according to the report. By contrast, only one, the Atlantic City, N.J., market, was still “extremely overpriced.”
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