Chicago Ended 2017 on a Solid, If Not Spectacular, Housing Note
The housing market in the city of Chicago ended 2017 on a strong note, with both home sales and prices on the rise, according to the latest research from the Illinois Association of REALTORS®.
According to the association, home sales in the city of Chicago increased 1.7 percent in December of 2017 when compared to the same month one year earlier. Sales in December stood at 2,008, up from 1,974 during the same period in 2016.
The median price of a home in the city in December of 2017 hit $267,500. That’s a solid jump of 2.9 percent when compared to December of 2016. Back then, the median price of a home was $260,000.
For the entire year of 2017, the city of Chicago recorded 28,621 home sales. That is a jump of 1.8 percent when compared to the 28,104 home sales in all of 2016.
Prices jumped for the year, too. The median price of a home in Chicago reached $285,000 for all of 2017. That compares well with the $272,000 median price in Chicago for 2016. The difference? The median price of Chicago homes was up 4.8 percent last year when compared with 2016.
The Chicago Association of REALTORS® termed 2017 an active and healthy housing year. For 2018? The association predicted that demand will continue to outpace the number of homes on the market. This could make it difficult for buyers to find their Chicago dream homes. But it should also increase the odds that Chicago home sellers will see strong offers for condominiums and single-family homes that are priced well and located in in-demand neighborhoods.
If you’re ready to buy or sell a Chicago condominium or single-family home in 2018, be sure to work with a REALTOR® who knows your market. This pro can help you land the highest price when you sell and will help you find your perfect residence when you are ready to buy.