Chicago Homes Sales See Strong Jump This October Compared to Last
Chicago homebuyers hit the market hard this October, according to a recent report from Crain’s Chicago Business.
According to the story, the number of homes that went under contract during October in Chicago rose more than 14 percent compared to the same month one year earlier. Crain’s cited numbers from Midwest Real Estate Data and the Chicago Association of REALTORS® for its story.
A total of 2,074 homes went under contract during October this year in Chicago, Crain’s said. That is a significant jump from the 1,816 that went under contract during the same month in 2016.
What’s the reason for the increase? One might be that Chicagoans had fewer distractions this October. The Crain’s story quoted experts who mentioned that last October, Chicagoans were watching the Cubs in the World Series. Others were following the presidential election, and might not have been in the mood for house hunting.
According to the story, single-family homes enjoyed a bump of 22 percent in contracts, rising from 783 in October of 2016 to 955 during the same month this year. Contracts on condos and townhouses jumped 8 percent, rising from 1,033 contracts in October of last year to 1,119 during the month this year.
If you’re ready to sell a Chicago condo or single-family home, this is good news. The hope is that this monthly bump isn’t the last, but is instead the start of a long-running trend. Homeowners here should be happy to know, too, that median asking prices for condos and single-family homes are also on the rise. This means that homeowners here are more likely to get a solid price when they sell their Chicago home.
The key, of course, remains to work with a REALTOR® who knows your neighborhood and who can market your home to the deepest pool of potential buyers. Such a REALTOR® can help you land the best price for your Chicago home.