The Current Chicago Market
As of the first quarter of 2019, the real estate market is showing a 3% drop in year to year sales making it an excellent time for buyers in Chicago. The median home price is just shy of $250,000, and homeowners can expect to pay $2000-$3000/year on property taxes. We are just coming off of Winter which is historically a slow time for real estate sales but dramatically ticks upward in April year after year.
According to Zillow data, homes are staying on the market for about 125 days, which will tighten as we head into Spring. Some of the up and coming neighborhoods include Printers Row, Greektown, The South Loop, and the Near Westside. Also, for those who may want to snag a deal, the formerly super hot “Gold Coast” has seen a dramatic market loss, but it’s safe to assume that won’t be the case for long since it is located so close to the Magnificent Mile and the downtown area in general.
Inventory is better than in years past, which tend to put buyers in the driver seat. While the market has cooled off, real estate professionals feel it’s merely trying to resume a bit of normalcy after years of the market being pretty hot. There is a construction boom, especially in the immediate downtown area. These units are luxury style condos which is beneficial in the short term but could pose a problem years from now with too much inventory.
What to Expect When Buying an Older Home