More Good News for Chicago
- The housing market in the Chicago area is expected to be the weakest of any of the nation's 100 largest metropolitan areas during 2017, leaving opportunity for people to buy homes at affordable prices while perhaps frustrating home sellers.
Both prices and sales will increase, but at a stunted rate compared with other areas, according to a forecast by Realtors.com, a website for the National Association of Realtors. The prices of homes throughout the Chicago metropolitan area are expected to climb just 1.95 percent, and sales of new and existing homes are expected to increase 2.27 percent.
[...] Chicago's problem is a combination of slow growth in both population and jobs, said Jonathan Smoke, an economist at Realtors.com. The area's population is expected to increase only 1 percent next year. Given the size of Chicago, the city should be among the nation's top three markets for job creation, Smoke said. Instead, Chicago is ranked eighth, with job growth much stronger in areas such as Dallas and Phoenix.
Rising crime, rising taxes, rising unemployment, shrinking prospects.