Real estate values continue to rise in Cook County, with Chicago outpacing the suburbs.
The study by the Civic Federation showed the total real estate value in the county is still far behind the pre-recession peak in 2006, Crain’s reported.
Total property value in the county in 2016 — the most recent year complete data was available — showed was $559.7 billion, up from $528.8 billion in 2015. That’s still below the peak of $662 billion, but well above the 2011 bottom of $414.4 billion.
It was the fourth straight year the value increased.
“We have not fully rebounded from the the recession,” federation president Laurence Msall told Crain’s. “We’re making progress, but we’re not fully recovered.”
Overall value in Chicago is still down 8.5 percent from the peak, but the city is in better shape than the northern suburbs, which is down 16.7 percent; and the southern suburbs, down 26.2 percent. The city is due to be reassessed this year, which should raise values even higher. [Crain’s] — John O’Brien