Chicago & Midwest + North Side + Apartments | March 31, 2021

The life sciences and transportation sectors are seeing strong growth in the Chicagoland region, says World Business Chicago

Chicago Housing Market Sees Biggest Price Gains in 15 Years

Chicago-area home prices were up 8.9% year-over-year in January, Crain’s Chicago Business reported, citing the newly released S&P CoreLogic Case-Shiller Indices. Consistent with the results on a national level, the region’s annual price growth was the strongest in 15 years, although it lagged all but one of 20 cities tracked by the monthly index.

Nationally, “January’s data remain consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.

The last time Chicago saw comparable annual price growth was February 2006, the last month of a 13-month streak, Crain’s reported. The new data, which compare to a 0.6% increase a year ago, provide more evidence of the dramatic turn-up in Chicago’s housing market amid low interest rates and pandemic-driven changes of address, according to Crain’s.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).