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

Update: 2017-05-01

Description

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

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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.