2013 was a great year for real estate in every part of the country. Around 14,000 homes have been selling each day, an increase of 6% year-over-year. Prices are up nearly 13% nationwide, and market pressures caused by low inventory of homes available for sale are beginning to ease a little bit.
In Chicagoland, prices are still generally well below the peak prices seen during the "bubble" that topped out around 2006 (see data from Case-Schiller Home Price Indices in the chart above).
Unlike other major markets (particularly some on the West Coast like San Francisco), home prices in Chicagoland remain at very affordable levels, when compared to the price history of the past 10 years. Analysts are making their projections for the year to come, and there is a consensus among them that the housing market will remain strong in 2014, even as price increases year-over-year slow to a more healthy pace (see quotes in photos above).
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I'm seeing similar trends in the Evanston Real Estate market. I'm projecting a 3-4% increase in home prices in Evanston during 2014. As the Fed slowly "tapers" its purchases of US Treasury Bonds and Mortgage Backed Securities throughout the year, the housing market here looks like it will stay strong.
But as we find encouragement in this national and regional data, it's very important not to forget that Real Estate is a hyper-local business. For an expert analysis of your property's value and your purchasing opportunities in the places where you want to live, contact me. Visit my website and use the "My Real Estate Portal" tool to register and receive market updates in your inbox.
