Saturday, February 12, 2022 || By Community Editor || @maywoodnews
Crain’s Chicago Business has released its annual analysis of home prices in Chicago and the suburbs for 2021.
The publication’s conclusion? Two years into the pandemic, the housing market is still hot.
According to data by Illinois Realtors, 137,898 homes were sold last year in the nine-county Chicago metropolitan area — the most since 2000, as far back as the group’s data goes and more than the old record of 133,313 set during another boom year of 2005, Crain’s reports.
Crain’s reports that the “median price of a home sold in the Chicago metro area last year was $299,000, up almost 12% from 2020, according to Illinois Realtors’ mid-January report. In the city, the median was $335,000, up 6%.”
Home prices rose during that period in four suburbs within the Proviso Township area — Berkeley, Hillside, Melrose and Northlake. Melrose Park experienced the biggest change in homes sold (up 34%) and median price (up 26% from 2020).
Crain’s analyzed 2021 housing prices across the Chicago metro area. The chart comprises data for Proviso suburbs screenshot from a Crain’s chart. | Crain’s Chicago Business
The change in housing sales from 2020 was down roughly 12% in Bellwood, Maywood and Westchester.
Meanwhile, all of the Proviso Township suburbs that Crain’s listed experienced an increase in the change in median price from 2020. Still, the median home price in all of those suburbs was below the $299,000 median price for the Chicago metro area.
Housing data for Broadview and Stone Park was not on the list. According to Crain’s, the publication “analyzes only those locations where at least 25 homes sold in 2020 and 2021, because smaller numbers would distort the percentages too much to be useful measures. Thus, not all 77 neighborhoods appear in these lists, and many suburbs are missing.”
Crain’s added that the median price “is the median price is the midpoint of all homes sold during the year. The change in the median may be distorted by heavier buying at one end of the price ladder than the other, but provides a general measurement for comparing one location to another.”
To read the full article click here (warning: possible pay wall).