Up until this year, the real estate recession could be seen in Chicago mostly in the declining number of home sales — and time on the market — but not necessarily in the prices of homes that have sold.
But this year officially marks the end of that trend: The median prices of homes sold in the city of Chicago have fallen significantly. And it hasn’t been a subtle shift.
In order to see how we’re doing halfway through 2009, I calculated the median price of homes sold in Chicago between January and June of each year, going back to 2002. I then looked at how the Jan-June prices changed from year to year. Take a look:
Prices recorded from January to June increased over the previous year each time from 2003 through 2008. Last year, which was miserable from a time-on-market and number of sales perspective, nonetheless saw a small increase in the prices of recorded transactions. But in the first half of 2009, sales came in at a much lower price point. Attached units saw a 34 percent drop and detached units saw an 11 percent drop.
Some more detailed tables are available at the Lakeshore Analytics blog.
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