Chicago home sales remain in slowdown mode in July

July was a sluggish month for home sales in Chicago, according to the latest numbers from the Illinois Association of REALTORS®.

The association reported that the city of Chicago saw 2,655 home sales in July. That is down 5.3 percent from the 2,803 home sales that were recorded in the city during the same month a year ago.

At the same time, home prices in the city barely budged. The association reported that the median price of a home in the city of Chicago stood at $306,250 in July. That is up from the same month a year earlier, but only by 0.4 percent. Back in July of 2018, the median price of a home in Chicago was $305,000.

The challenge in Chicago? The number of condos and single-family homes for sale is still low. There simply aren’t as many homes on the market. This can make finding the right home difficult for buyers.

This lack of inventory is why it is so important to work with a REALTOR® who knows the Chicago neighborhoods in which you want to live. These professionals can not only help you find homes for sale, they can make sure that you don’t pay too much for that property.

And when you do find a Chicago home that fits your budget and your needs? A REALTOR® can guide you through the negotiation process. This is key. Negotiating on a final sales price, and any concessions, can be stressful. Emotions often run high. Having a professional on your side can make all the difference.

If you’re ready to jump into the Chicago housing market, get pre-approved for a mortgage loan from a local lender and then search for a REALTOR® to lead your hunt for a home. Only then should you start touring those condos and single-family homes for sale.