Home price trends in Chicago

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

City-by-city price comps

Like elsewhere, builders in President Obama’s hometown are cutting prices and offering plenty of incentives but are still having difficulty attracting buyers. Resale sales activity has fallen 31 percent year-over-year to fewer than 58,000 transactions, resulting in nearly 17 months of supply, says Chris Porter with John Burns Real Estate Consulting. “We expect a significant jump in resale activity due to increased distressed sales in 2009,” he says. Construction activity will decline into 2010.

Median price end of 2008: $217,800
Median price end of 2007: $261,000
Percent change: -16.6
Projected change through Q3 2009: -4.3%
Affordability rating: 0.5
Foreclosures in 2008:
(1 for every 40 households)
Foreclosures in 2007:
(1 for every 61 households)
Change in foreclosures: 53.4%
Expected to hit bottom: Q1 2010
Percent drop needed to reach bottom: -17.1%
Current rate comparison
» Click here to view the Top 40 map.
Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $249,600
Q2 2008 local median price: $257,600
Q3 2008 local median price: $250,800
Q4 2008 local median price: $217,800

 Back to the 40-city chart overview.