Chicago will have weakest housing market in US in 2019: report

Dips are expected in sales numbers and price; Miami, LA, NYC will see growth

Nov.November 30, 2018 11:00 AM

(Credit: iStock)

It’s not even 2019 and Chicago’s residential real estate market is already bracing for a bad year.

Chicago will have the weakest housing market in the U.S. in 2019 with declines in the number of home sales and in median home price, according to a survey of 100 U.S. metro areas.

The estimate shows Chicago home sales numbers will fall 7.4 percent, while median sales price will be down 1.9 percent, according to Crain’s which first reported on the findings.

The numbers are more positive in Miami, Los Angeles and New York.

The Miami-Fort Lauderdale-West Palm Beach market is expected to see the number of home sales grow 3.3 percent, with home prices rising 5 percent. The housing market that had the brightest outlook, according to the survey, is in Lakeland/Winter Haven, Florida, with predicted home sales growth of 5 percent and price growth of 7.4 percent.

In Los Angeles-Long Beach-Anaheim, sales will grow 2.2 percent, while prices will increase 5.4 percent.

The New York metro area will experience a modest sales gain of 0.4 percent, with a bigger price growth of 3 percent.’s report noted that the survey was conducted before Amazon’s decision to move part of its HQ2 to Long Island City, which will likely affect those numbers.

For Chicago, slower population and employment growth compared to the rest of the country are hurting the local housing market, Crain’s reported. While the number of metro areas with critically low inventory of homes on the market is easing nationwide, that isn’t the case in Chicago. [Crain’s] — John O’Brien

Related Articles

(Credit: iStock)

Chicago-area home values saw poor start to 2020

Mayor Lori Lightfoot (Credit: Getty Images)

Chicagoans flee to their second homes

854 W. Webster Ave. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

From left: Lendlease CEO Steve McCann, and Magellan CEO David Carlins, with a rendering of the Cirrus and Cascade projects (Credit: Lendlease/Magellan/bKL Architecture via Curbed)

Lendlease, Magellan land $283M in construction financing for resi towers project

(Credit: iStock)

Chicago is No. 3 city for single women to buy a home: study

924 N. Clark Street and owner of the mansion, Rishi Shah

Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

EquityBuild's Shaun and Jerome Cohen and one of the corporation's properties at 7549-7559 South Essex Avenue (Credit: Google Maps)  

Ponzi scheme fallout: South Side has thousands of distressed apartments