Chicago’s real estate market is on an upswing, as real estate prices rise slowly but steadily in the region.
According to the Case-Shiller housing index, Chicago’s real estate market has been on a steady rise since the local market reached its low point, in 2012.
The local home prices are currently on par with the prices of 2003.
While condominium sale prices dipped a bit lower than the single family home prices, the recovery is now fairly equal when it comes to single family homes and condominiums.
The only real downside in the local housing market involves multi-unit residential properties. Multi-unit property owners in Chicago have been hit hard by the Affordable Requirements Ordinance, also known as the ARO, which is a new requirement that calls for multi-unit residential property owners with over 10 units to set aside 10% of their units as affordable housing. In fact, this new ordinance was critiqued by many prominent Chicago real estate developers who were on hand for a recent panel discussion held by the Homebuilder’s Association of Greater Chicago (HBAGC).
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