Cook County House Price Index - Second Quarter 2018
House price trends are one of the most important indicators of a neighborhood’s economic health. In recent years, a substantial focus has been paid to the importance of house price trends as a national or regional indicator of economic conditions, but growing attention is being paid to the implications uneven price declines and recoveries across neighborhoods have for communities and their residents. Neighborhoods with rapidly rising prices may be those facing current or future housing affordability concerns, while areas with slow price recovery may need strategic investment to rebuild demand for housing.
Additionally, the uneven nature of house price declines and recovery across neighborhoods is a stark illustration of the growing divide between thriving and struggling communities and households. Home equity is one of the key vehicles for families to build wealth, and the variation in price trends—which can be used to estimate levels of potential home equity gained and lost by households and neighborhoods over time—can be an indicator of household financial conditions across communities. To help housing stakeholders, policymakers, and the public understand this issue better, the Institute for Housing Studies (IHS) has developed a Cook County house price index to track quarterly price trends for single-family homes in 16 submarkets in the City of Chicago and 17 submarkets in suburban Cook County.
This update of the Institute for Housing Studies (IHS) Cook County House Price Index highlights changing prices for single-family homes through the second quarter of 2018 in 16 City of Chicago submarkets and 17 submarkets primarily in suburban Cook County. A detailed discussion of the Index is found here. To view a full page interactive graph with a map and data for all submarkets go here.