Top tier led boom in city single-family prices last quarter

The median selling price of a house in Chicago was 14% higher in the third quarter of 2012, led largely by sharp price increases at the top of the market.

The median price of the 6,884 single family home sales between July 1 and September 30 was $165,000, a 14% increase over last quarter and a 1.5% increase over the same quarter a year ago.

The top quartile — the level at which 25% of prices are above and 75% are below — increased to $330,000, a 31% increase over the previous quarter. That top quartile is higher than at any point since the fourth quarter of 2008.

The number of homes sold also increased over the previous quarter, but sales volume is still below year-ago levels.

More detail can be found at Lakeshore Analytics.

Jeff Baird is a real estate valuation consultant based in Chicago. He founded Lakeshore Analytics to bring comprehensive, understandable housing data and analysis to Chicago-area readers. The site features a blog with free market news and charts, summary data on 20 top neighborhoods, and quarterly data subscriptions.

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