Urban Real Estate

Home Prices Forecast To Rise In 2017

Home Prices Forecast To Rise In 2017

The latest forecast indicates that home prices in the Chicago area will likely increase again in 2017 for the fourth straight year.

The forecast comes from the Illinois Association of REALTORS® and the University of Illinois professor Dr. Geoffrey J.D. Hewings. They're also predicting however, that historically low mortgage rates will continue to climb as well.

In the Chicago area, home prices should rise between 3.8 percent and 8.4 percent, higher than Illinois as a whole which could see between 2.1 percent and 6.9 percent. While mortgage rates could have an impact on the total amount of the increase, inventory continues to decline which puts upward pressure on prices.

Read more at Curbed Chicago here.