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Price growth in the Chicago housing market is now running twice
as high as the national average, with Crain’s monthly real
estate data roundup showing rising costs across much of the area
have been in effect since last summer as interest rates have
continued to remain high.
“It's been an accumulative effect of bad public policy from J.B.
Pritzker and the radical Democrats because over the past four
years, their policy has been so disastrous and their solution
was to print money and throw money at everything and we all know
that when you increase the velocity of money coming into the
marketplace, it increases inflation,” Miller, R-Oakland, told
The Center Square. “The high real estate taxes and all these
things are a culmination of bad public policy. We've had
population fleeing, businesses closing down.”
Overall, Illinois Realtors reports the median price of homes
sold in Illinois in March was up by 6.1% compared to 2.7% across
the country, with the number of homes sold in Chicago
representing the fewest for the month since 2011, when the
country was still struggling to rebound from the 2007-2008
housing bust.
With local home prices having recently hit a record high of
$377,563 and sellers now asking for more than 7% more for their
homes than they were just a few months earlier, Miller said it’s
making for a far different looking Illinois.
“People are voting with their feet,” Miller said. “They're
buying homes, they just aren't buying them in Illinois because
they're trying to get out of here and get to places that have
better opportunity. I think the net effect of everything is that
the economy in Illinois is driving people out. The greatest job
fair for other states surrounding us is the behavior of the
Illinois politicians.”
In late April, Chicago-area sellers were seeking an average of
3% more for their homes than they were at the same time a year
prior.
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