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Chicago’s housing prices are soaring, but they’re not setting records.

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In the nation’s 20 largest metro areas, prices ↑ 19.1% and at record highs in all of those cities except Chicago. Relative to the rest of the country, even a strong housing market in Chicago is not as hot as housing markets in other major metro areas. According to S&P, prices ↑ 29.3% YoY in Phoenix, followed by San Diego ↑ 27.1%, Seattle ↑ 25%, and Chicago ↑ 13.32%. Chicago’s market ↓ >1% the peak in Sept 2006, and experts believe it will meet if not exceed that peak. Considering the pandemic-changed lifestyle, the extent to which home prices continue to rise depends on supply. Rising prices may be worrisome, especially for those who haven’t purchased yet, but the uptick might also be good news for Chicago-area homeowners.

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