Good News for Sellers: Housing Prices Stay on the Rise in Chicago
Selling a condominium or single-family home in Chicago? Your odds of getting a higher sales price continue to go up. Credit rising home prices throughout the city and a lack of homes for sale.
According to the latest data from the Illinois Association of REALTORS®, the median price of a home sold in Chicago hit $265,000. That’s a pretty strong figure. It’s also a figure that’s been consistently on the rise.
Just compare the median sales price at the start of this year with where it stood at the beginning of 2017. A year ago, the median sales price was $255,000, according to the Illinois Association of REALTORS®. That’s down 3.9 percent from where that price stood in January of this year.
It’s true that the prices of condos and single-family homes in Chicago aren’t rising quite as fast as they are in other major cities in the United States. In some research reports, Chicago consistently ranks near the bottom of housing price growth.
But the steady streak of year-over-year price increases that Chicago has seen is good news for local sellers. As the overall value of residential real estate here continues to rise, it’s easier for sellers to squeeze out extra dollars when they move their own residences.
A lack of housing inventory is also helping sellers today. There aren’t as many homes for sale in Chicago as there has been in past years. This is making life more difficult for buyers, who often struggle to find homes that they like when searching some of the city’s most popular neighborhoods. The lack of inventory results in multiple bids for some sellers. That, of course, is an ideal situation for anyone hoping to make a solid profit when selling a Chicago condo or single-family home.
Of course, big profits aren’t guaranteed to anyone. You still have to price your Chicago home properly and stage it so that it looks its absolute best. You also need to work with a REALTOR® who can market your home to the deepest pool of potential buyers.
Do all this, though, and the odds are solid that you will receive a good offer for your Chicago home in today’s market.