Chicago Property Values Post Double-Digit Growth

Chicago home prices notched their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.8 percent, and the city’s median sale price reached $275,000 as the spring selling season got into full swing. On average, homes fetched 96.6 percent of their asking price, the highest sale-to-list ratio since last July.

Homes For Sale or Homes Gone Stale?

As of March 31, nearly 70 percent of houses on the market were stale, meaning they’ve languished unsold for more than a month. A home that’s been sitting for 30 days is more likely to be overpriced, in need of renovation or to have other problems that prevent it from selling.

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