It may seem like the 4th quarter of 2007 was years ago, but the data for that period is just in. According to the Illinois Association of Realtor’s recent report, the median home sale price in the Chicago area was up 1.2 percent. This is hardly the kind of appreciation we had become accustomed to during the boom of a few years ago, but it is not bad for a market correction. And, in the national context, the Chicago Metro area is doing just fine: about half of urban metro areas nation-wide showed modest appreciation in the fourth quarter of ‘07 (ibid.). So, we’re on the greener side of the national landscape.
Despite all the hype in the national news about a market collapse, our area is plugging along.
