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ILLINOIS
Chicago Housing Market Primed for Decline in 2017
While the rest of the nation is anticipating the housing
market to improve in 2017, the Windy City will likely see
frustrated home sellers and a weak housing market.
In December, Realtor.com's 2017 National Housing Forecast
ranked Chicago as the last city on the 100 Top Metros list. e fore-
cast predicts that prices and sales will increase but at a stagnant rate
compared to other areas. e prices of homes throughout the Chicago
metropolitan area are expected to climb just 1.95 percent, and sales of
new and existing homes are expected to increase 2.27 percent.
e report also found that the demographic known for
benefiting greatly from low mortgage rates are millennials, and
their market's share of the buyer population has decreased to 33
percent due to the increase in interest rates. Baby boomers take
up 30 percent of the buyers' market and are expected to be more
successful in closing sales.
Home-price appreciation is set to slow down to a 3.9 percent
growth rate year-over-year after an estimated appreciation
rate of 4.9 percent in 2016, according to the report. However,
26 markets will see a price acceleration of 1 percent or more.
Greensboro-High Point, North Carolina; Akron, Ohio; and
Baltimore-Columbia-Towson, Maryland, will encounter the
largest increases in price appreciation.
