The Institute for Housing Studies (IHS) at DePaul University has released its Cook County House Price Index for the second quarter of 2016, finding that the “housing recovery lags in many suburban areas.”
The report looks at price trends for single family homes in 33 submarkets in the city of Chicago and suburban Cook County.
Overall, “all submarkets in Cook County have experienced at least 13 percent price increases compared to their lowest post-recession price levels,” the report reads.
The Humboldt Park/Garfield Park and Logan Square/Avondale areas have had the “largest increases from price bottoms.” Single-family house prices in these areas have increased by 77.7 percent and 61 percent, respectively.
Suburban Cook County has largely experienced the weakest recoveries. This is mostly “due to the suburbs being less volatile housing markets that have experienced less dramatic price peaks and valleys than seen in many City of Chicago submarkets.”
The Chicago Heights/Park Forest area had the weakest recovery, with prices increasing by just 13 percent from its price bottom. In all, 11 of 17 suburban submarkets “remain at least 20 percent off peak levels,” the report says.
Submarkets on Chicago’s West Side and in west suburban Cook County, meanwhile, have had some of the strongest recoveries.
“These areas are seeing increased demand for housing coming from either owner occupants competing for properties in hot urban neighborhoods or investors seeking opportunities in distressed markets,” the report states. “Conversely, areas with a slower recovery, even those generally considered stable markets in northwest and southwest suburban Cook County, have seen a weaker recovery and may be struggling with attracting new demand for housing. ”
Find the full report here.