Chicago home prices lag behind increases in suburban, national housing markets

The median home price in Chicago was down 1% in April from a year earlier. Nationwide, home prices increased 14.8% from a year ago.

By Isabelle Earl
Off The Charts-Housing Market Bidding Wars
This is a home sold in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rivals as heightened competition for few homes on the market fuels bidding wars. About 52% of U.S. homes sold in January 2022, fetched more than their list price, up from 40.2% a year earlier, according to data from Redfin, a national real estate brokerage. AP Photo/Gene J. Puskar
Off The Charts-Housing Market Bidding Wars
This is a home sold in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rivals as heightened competition for few homes on the market fuels bidding wars. About 52% of U.S. homes sold in January 2022, fetched more than their list price, up from 40.2% a year earlier, according to data from Redfin, a national real estate brokerage. AP Photo/Gene J. Puskar

Chicago home prices lag behind increases in suburban, national housing markets

The median home price in Chicago was down 1% in April from a year earlier. Nationwide, home prices increased 14.8% from a year ago.

By Isabelle Earl
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Record-breaking inflation rates have left everyone’s pockets hurting. But Chicago saw a slight decrease in home prices in April.

Reset gets the latest on those numbers, and looks at what other barriers potential buyers are dealing with in the current housing market

GUEST: Dennis Rodkin, residential real estate reporter at Crain’s Chicago Business