Chicago, IL - House Price Index (HPI)
Chicago Real Estate Market Forecast
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The House Price Index (HPI) changes in Chicago-Naperville-Joliet, IL single family home prices in
logarithmic scale. The March, 1995 index value equals 100.  Updated Friday, June 19, 2015. Real
estate forecasts, analysis, statistics and appreciation rates are provided below.
10
Chicago Real Estate Market: Trend Outlook, Analysis & Statistics
Commentary  18509
3rd Quarter, 2014 Housing Statistics: Chicago, Illinois


Part 1: HOUSING MARKET FORECAST

12 Month Forecast:        UP
Forecast Accuracy:      86%

LittleBigHomes.com publishes forecasts for the trend in home prices in 380
Metropolitan Statistical Areas. The House Price Trend will be either UP or
DOWN. The forecast for the trend in the Chicago housing market for the 12
months ending with the 3rd Quarter of 2015 is UP. The Accuracy of the Trend
Projection for Chicago is 86%. In other words, when tested against historical
data, the forecasting methodology was correct 86% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Chicago is 86% during this period. If this Housing Market Forecast is correct,
home prices will be higher in the 3rd Quarter of 2015 than they were in the 3rd
Quarter of 2014. Check this page each quarter for updates to the Chicago Real
Estate Market Forecast.


3 Year Forecast:            UP
Forecast Accuracy:      87%

The forecast for the trend in the Chicago housing market for the 3 years ending
with the 3rd Quarter of 2017 is UP. The Accuracy of the Trend Prediction for
Chicago is 87%. In other words, when tested against historical data, the
forecasting methodology was correct 87% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Chicago is 87% during this period. If this Housing Market Forecast is correct,
home values will be higher in the 3rd Quarter of 2017 than they were in the 3rd
Quarter of 2014. Check this page each quarter for updates to the Chicago Real
Estate Market Forecast.




Part 2: MARKET SUMMARY
3rd Quarter, 2014 Housing Data: Chicago, Illinois


Historical Home Price Appreciation
Last Quarter                                     1.44%
Last Year . . . . . . . . . . . . . . . . . . . .  6.1%
Last 5 Years                                     -5%
Last 10 Years . . . . . . . . . . . . . . . . . -7%
Last 20 Years                                   64%
Decline From All Time High               20.95%


Annual Home Price Appreciation Rates
1984      5.38%
1985      5.35%
1986      9.56%
1987      11.26%
1988      9.28%
1989      8.11%
1990      3.67%
1991      4.54%
1992      3.46%
1993      3.45%
1994      3.10%
1995      4.49%
1996      2.39%
1997      3.70%
1998      3.17%
1999      6.02%
2000      7.98%
2001      6.91%
2002      7.31%
2003      7.84%
2004      9.93%
2005      10.40%
2006      4.70%
2007      -0.71%
2008      -7.87%
2009      -9.63%
2010      -4.10%
2011      -6.02%
2012      -1.79%
2013      3.65%


Real Estate Appreciation, Rank & Percentile
Last Quarter                              1.44%         Rank: 190 of 381 (50th Percentile)
Last Year  . . . . . . . . . . . . . . . .  6.1%           Rank: 113 of 381 (70th Percentile)
Last 5 Years                              -5%             Rank: 306 of 381 (19th Percentile)
Last 10 Years  . . . . . . . . . . . .   -7%            Rank: 334 of 381 (12th Percentile)
Last 20 Years                            64%            Rank: 267 of 378 (29th Percentile)
Decline From All Time High        20.95%

The change in home prices for Chicago-Naperville-Arlington Heights, IL are
shown above for five time periods. For example: Chicago appreciated 1.44% in
the Last Quarter. At that rate, the Chicago Real Estate Market was ranked
190th out of 381 metropolitan Real Estate Markets. Chicago was in the 50th
percentile. So Chicago, IL performed better in the Last Quarter than 50% of the
381 metropolitan areas covered in LittleBigHomes.com.

























Part 3: MARKET HIGHLIGHTS
3rd Quarter, 2014 Housing Statistics: Chicago, Illinois

The data and analysis on this page pertains to Chicago-Naperville-Arlington
Heights, IL, hereinafter referred to as "Chicago". The all time high in the
Chicago Home Price Index was 205.2 in the 1st Quarter, of 2007. The 3rd
Quarter, 2014 index value was 162.2. That's a decline of 42.99 points or
20.95% below the Chicago Home Price Index all time high.  The Home Price
Index indicates that the Chicago Market is down 7% over the last 10 years.
Home prices in the Chicago Real Estate Market have gained 6.12% over the
last 12 months. Over the last thirty years, it is up 201%.

The 3rd Quarter index value was 2.31 points higher than the 2nd Quarter, 2014
index value of 159.89, resulting in a 1.44% rise in the 3rd Quarter for the
Chicago Market.

The Chicago Home Price Index has increased for the last 6 consecutive
quarters. The current record holders for consecutive increases in the Home
Price Index are Phoenix, AZ; Houston, TX and Boise City, ID, with increases in
the last 13 consecutive quarters. The current record holder for consecutive
declines in the Home Price Index is Terre Haute, IN, with declines in the last 3
consecutive quarters.

The highest annual change in the value of houses in the Chicago Real Estate
Market was 22% in the twelve months ended with the 2nd Quarter of 1977. The
worst annual change in home values  in the Chicago Market was -11% in the
twelve months ended with the 1st Quarter of 2010.

The highest growth in home values in the Chicago Real Estate Market over a
three year period was 35% in the three years ended with the 2nd Quarter of
1989. The worst performance over a three year period in the Chicago Market
was -23% in the three years ended with the 2nd Quarter of 2011.

This page provides a long term graph of the Chicago Home Price Index
(above). For information about Illinois home values, click Real Estate Market
Forecasts in the navigation bar at the top of this page.  You'll see long term
charts and analysis that will provide tremendous insight into the historical trends
of residential property values. Bookmark this page! Then LittleBigHomes.com's
detailed research and statistics about Chicago Home Prices will be at your
fingertips when you need them.

All calculations are based on the quarterly value of the House Price Index for
the Chicago Market. The terms House Price Index and Home Price Index, as
used in this site, refer to the Federal Housing Finance Agency (FHFA) House
Price Index.

Significant time is required to research quarterly sales price and appraisal data
from mortgage transactions in the Chicago Real Estate Market and hundreds of
other cities. As a result, Home Price data is not available for a number of
months after the end of each quarter.



Part 4: APPRECIATION RATES & RANKINGS
3rd Quarter, 2014 Housing Data: Chicago, Illinois

The trend of Chicago Home Prices relative to 380 other metropolitan areas is
detailed below. Each metropolitan area contains one or more cities. Five
different time periods are reviewed.  Each paragraph identifies the top and
bottom performing markets as well as the average and median performance for
all cities during each time period. The data and analysis on this page pertains
to Chicago-Naperville-Arlington Heights, IL, hereinafter referred to as "Chicago".

Last Quarter:
During the 3rd Quarter of 2014, Chicago Home Prices had a rank of 190, with
appreciation of 1.44%. The top performing real estate market during the 3rd
Quarter was Johnstown, PA, with a rise of 7.10%. The worst market during that
period was Farmington, NM, with appreciation of -4.09%.
The median for all cities during the 3rd Quarter was 1.44%. The average for all
markets during the quarter was 1.49%.

Last Year:
During the last 12 months, Chicago Home Prices had a rank of 113, with
appreciation during the year of 6.12%. The top performing market during the
last year was Madera, CA, with an increase of 19.4%. The worst real estate
market during that period was Jacksonville, NC, with appreciation of -4.5%.
The median for all markets during this period was 3.94%. The average was
4.71%.

Last 5 Years:
Over the 5 years ended with the 3rd Quarter of 2014, Chicago Home Prices
ranked 306, with a total appreciation of -5.0%. The top performing real estate
market during the 5 year period was Merced, CA, with a growth in value of 45%.
The worst market during that period was Ocala, FL, with appreciation of -16%.
The median for all cities during this time period was 1%. The average over the
5 years was 3%.

Last 10 Years:
During the 10 years ended in the 3rd Quarter of 2014, Chicago Home Prices
had a rank of 334, with appreciation during the decade of -7%. The top
performing market during the period was Midland, TX, with a rise of 129%. The
worst real estate market during the 10 year time period was Las Vegas, NV, with
appreciation of -27%.
The median for all markets during the last 10 years was 10%. The average for
the cities over that time frame was 11%.

Last 20 Years:
During the 20 years ended in the 3rd Quarter of 2014, Chicago Home Prices
had a rank of 267, with total growth over the 20 year period of 64%. The top
performing real estate market during the period was San Francisco, CA, with an
increase of 229%. The worst market during the last 20 years was Rockford, IL,
with appreciation of 23%.
The median for all cities during the last 20 years was 75%. The average for the
markets over that time frame was 82%.

Historical research data on the Home Price Index for the Chicago Real Estate
Market is available back to the 3rd Quarter, of 1975. All calculations are based
on the quarterly value of the House Price Index for Chicago. Real estate
appreciation figures represent total net increase or decrease over each time
period. (Unless specifically stated, the figures do not represent annual or
quarterly rates of change.)





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