While it wasn't hit like Las Vegas or Phoenix, the housing market in Chicago has struggled to claw its way back from the recession. But things see to be changing, according to Crain's Chicago Business' Dennis Rodkin.
Among the 1,114 houses sold in June in the city, the median—or the middle point on a list of all prices—was $245,000, according to CAR's report based on figures from Midwest Real Estate Data. The last time the figure was higher was in September 2007, when it was more than $250,000. Median house prices bottomed out in February 2010, at about $110,000.
As it is in many markets, low inventory is a driver.
The increase in the median price in part reflects tight inventory this year. Since January, the supply of houses on the market has been running at least 10 percent lower than 2015, which itself was a tight-inventory year. A low supply of homes for sale prompts buyers to pay more to get the ones they want.