What Do the Latest Numbers Tell Us About the Chicago Market?

Home values in Chicago have increased since last year, which puts us in a seller’s market.

Looking to buy a Home in Chicago? Search all Chicago homes for sale. Selling Your Home in Chicago? Use our home evaluation tool.

What’s the latest update on our Chicago market? Let’s take a look at some stats from Illinoisrealtor.org.

The median sales price for 2017 is $246,000, which is higher than the 2016 median sales price of $236,000. Since 2016, inventory of homes for sale is down 10%, and the average days on market has also decreased nearly 7%. The average listing price is expected to climb 1.95% in 2017.

Based on recent trends, Geoffrey Hewings predicts it will take 1.2 to two years for Chicago area homes to reach their peak-2006 values again.

Given all the recent developments,
Chicago is a seller’s market.

The average home price in Lincoln Park, one of the more stable areas north of the Loop, didn’t decline as much after the crash. It actually climbed 30%, bringing the median price of a single-family home up to $1.9 million in the third quarter, according to the Chicago Association of Realtors. That’s compared to a pre-crash 2006 peak of $1.4 million, according to Chicagotribune.com.

Overall, given that home values have gone up 8% in the past year, Chicago is a seller’s market.

If you have any questions, please feel free to shoot me an email or give me a call. I’d be happy to help you.

Introducing My Real Estate Video Blog

Welcome to my video blog! This is going to be a great real estate resource for you.

Looking to buy a Home in Chicago? Search all Chicago homes for sale. Selling Your Home in Chicago? Use our home evaluation tool.

I have some exciting news to share with you! I’ll be sharing my real estate expertise with you through my new video blog. I'm extremely excited about this, and I want to include all of you.

I’ll be sending out two emails each month addressing trends in our real estate market, as well as changes to the lending and title world. All of these industries are intertwined, so to take full advantage of the real estate market, you need to know about all of them.

What questions do you have
about the real estate market?

I want this video blog to be a resource for you, which is why instead of guessing what’s on your mind, I want to reach out and see what questions you might have about the market. Are they any concepts that confuse you? Are you curious about any particular areas of the market?

I would love to answer the specific questions you have in my videos so other people with the similar questions can benefit from them as well.

If you have any real estate-related questions or if you are looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you!