How did the housing market do last year?
February 14 2017
Both the Chicago metro area and statewide real estate markets saw significant gains in 2016. From a boost in new residential construction spending to higher-than-expected annual growth rates, here are the highlights from 2016.
Increasing Housing Stock -- Chicago's housing stock came in as the sixth most valuable in the country, according to a year-end Zillow analysis. Chicago's residential properties were worth just over $772 billion at the end of 2016, a $31.7 billion increase over 2015 and a sign of ongoing recovery in the housing market.
New Residential Construction -- Dodge Data & Analytics research revealed that year-to-date construction spending in the Chicago metro area reached $6.756 billion, a jump of 46 percent over the same period in 2015. It was the biggest increase for any large metro area in the United States.
Highest Closings -- With a selling price of $11.7 million, a full-floor residence at the Waldorf Astoria was the most expensive home sold in Chicago for the year. The unfinished 40th-floor penthouse space at the Ritz-Carlton Residences, which sold for $8.6 million, came in next. And at $8.35 million, a Lincoln Park mansion was the third most expensive home sold last year.
Statewide Sales -- According to a report from the Regional Economics Applications Laboratory at the University of Illinois, state median sale prices saw higher annual growth rate than predicted, with annual growth rates for each month ranging from 3.9 to 10.1 percent. It was the fourth consecutive year with a positive annual growth rate. Sales growth rates were mixed, ranging from -5.4 to 10.3 percent, with most of the positive numbers coming in the first half of 2016.