Home price trends have been a hot topic lately and we receive lots of questions about it.

It’s been confusing because there’s been reputable articles (NYTimes, WSJ, Barrons, etc) / YouTube videos / TikToks of doom and gloom and the looming price crash of homes due to rising rates and slowdown of transaction volume.

In short, the rate of price appreciation has declined, but in the Chicago metro market specifically, homes still appreciate in the low single digits compared to 2023.

This video below from the WSJ covers 80% of what we believe are the dynamics driving these trends for the majority of US markets, including Chicago Metro. The remaining 20% are factors we’ve seen in the market.

Housing Prices Rise Again, Despite Weak Sales: Inside November’s Existing Home Sales | Market Takes - YouTube