What Has Chicago’s Real Estate Market Been Up To?

The Chicago real estate market has been bouncing up and down -as markets do- and is seeing some already promising numbers this year even with some declining percentages. We’re being modest; it’s on fire! As of the end of March median sales prices had declined 8.9% to $195,000, but in comparison to last year are up 21.9%.

According to Realtor.com, Chicago’s property prices range from $8,000 for foreclosed homes all the way up to $32 million for a penthouse condo. Pocket change, right?

Four bedroom properties have seen the most sales since the beginning of the year and are at a 24.2% increase. Three bedroom listings aren’t far behind with an increase of 18.3%

Chicago’s average listing price for homes for sale on Trulia was $391,684 during the third week in March. This is a decline from the prior week when the average listing price was 3.5% higher (a $14,253 difference). The average price per square foot is at a 17.1% increase from this time last year coming in at $178.

So far this year Chicago’s popular neighborhoods are Near North Side, Lincoln Park, DePaul, Loop and Bucktown. The city’s most popular neighborhood (Near North Side) won the coveted #1 spot with 198 home sales from mid-December to mid-March that averaged $360,000.

There are many properties available in the median price range of $195,000, whether buyers are interested in a high-rise condo, townhome or single-family home. Houses in this price range are older, but with the help of real estate solutions companies like Blue Ink Homes these properties are getting updated to appeal to today’s buyers.

So what’s in Chicago’s real estate market future? It looks like the sales is here to stay! Overall the Chicago area market is strong and getting stronger; leaning in favor of sellers.