New studies: Home prices rising across the country
Home prices are on the rise across the country, according to the latest research from ATTOM Data Solutions.
ATTOM reported that single-family homes and condos sold for a median price of $270,000 in the third quarter, according to reporting from the National Association of REALTORS®. That is a significant hike from a year ago, an increase of 8.3 percent.
And when homes sell, they’re bringing stronger profits.
ATTOM said that homeowners who sold in the third quarter of this year earned a median profit of 34.5 percent. That is a high since the Great Recession of 2008. According to the research, homeowners saw an average gain in price of their residences of $68,686 since purchasing them.
This follows similar research from the National Association of REALTORS® that found that the median existing home price in the United States reached $272,100 in September. That is an increase of 5.9 percent from a year earlier.
You can see this happening in Chicago, too. Yes, the number of home sales in Chicago is on the decline. But the median sales price of homes in Chicago is on the rise and has been for several years. Chicago homeowners might not be selling as many condos and single-family homes, but when they do sell them, they’re moving them at higher prices.
This doesn’t mean, though, that you’ll automatically nab a higher sales price when you sell your Chicago condo or single-family home. No, you’ll still have to do the work necessary to get those homes off the market and for a solid price. This means keeping your home in clean, showing condition at all times and staging your home so that it looks its absolute best. It also means working with a Chicago REALTOR® who can help you set the best asking price, one that will attract plenty of offers and won’t be either too low or too high for the current market.