Northern Illinois Real Estate Update 2020
Similar to many other big cities in the country, the Northern Illinois and Chicago area are becoming a popular destination.
Not just for traveling and tourists, Northern Illinois has become increasingly high in demand for young business professionals and families to move to.
Here is the real estate update for 2020 in Northern Illinois.
Market Trends
While Northern Illinois has spent the last few years as a seller’s market, it is predicted to have potential to become a buyer’s market within the 2020 calendar year.
Market trends have shown a steady incline in buyer’s interest and in sellers competing with one another more and more, we can only wait and see what the rest of this new year holds.
According to Zillow, home values are predicted to dip by 0.3 percent during the year 2020, from the year 2019.
Housing
While the market hasn’t officially tipped over from a seller’s to a buyer’s market, sources have claimed that it is becoming buyer friendly, and will continue to lean in that direction looking at the future.
Homes are typically staying on the market for around 105 days, and sitting at a median list price of $325,000.
In turn, homes are selling at a median list price of $270,400 – which falls at a median difference of $54,600 in list to sale price for Northern Illinois homes.
Rentals
Rental spaces have shown a steady increase in price, falling at just over $1,750 and just under $2 per square foot.
