This uptick in median price is good for sure, but I would not expect sustained gains to compound. We still think a lot of distressed homes will become a little easier to buy and this will keep pricing statistics flat. I do think think this is a sign that the most desired Chicago neighborhoods like Lincoln Park, Lakeview, Lincoln Square are stabilizing.
According to the Chicago Association of Realtors and the Chicago Sun-Times today:
"The median price of homes sold in Chicago rose 3.2 percent in April from a year earlier, the first annual increase in nearly two years, the Illinois Association of Realtors said today.
Prices also rose statewide amid soaring sales.
The median price of existing single-family homes and condominiums sold in Chicago was $225,000 last month. Sales spiked 41.1 percent to 1,985 as buyers took advantage of federal tax credits. April was the eighth consecutive month of year-over-year sales gains."
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