Call it a classic case of too much too soon: After zooming more than 9 percent in 2013 and 5 percent last year, median home values in the six-county metro area should level off with just a 0.5 percent increase in 2015, predicts Skylar Olsen, a senior economist at the real estate research firm Zillow. (Many other metro areas, such as Boston and New York, also have a virtually flat forecast for the year.) The message: If you want to sell now but wondered if you should wait another year to benefit from rising prices, go ahead and list. And if you’re a buyer, you’ll have plenty of time to shop around. See how your area stacks up on these charts, which include price data for neighborhoods and suburbs with 20 or more sales in 2014.
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2014 housing data
“Community areas” are defined by the City of Chicago and may include more than one neighborhood. Those on the northwestern side of the city are included in “West.” Edgewater Includes Andersonville, Lakewood Balmoral. Lincoln Square Includes Budlong Woods, Ravenswood. Near north side Includes Gold Coast, Old Town, River North. north center Includes Roscoe Village. Logan Square Includes Bucktown. Near west side Includes West Loop. West town Includes Noble Square, Ukrainian Village, Wicker Park. armour square Includes Chinatown. near south side Includes Printers Row, South Loop.
SOURCE: Midwest Real Estate Data, an aggregator and distributor providing the multiple listing service to metro Chicago and its collar counties; MRED does not guarantee the accuracy of the data, which may not reflect all real estate activity in the market.