U.S. home prices set another record
Home prices across the United States set a new record in the second quarter of this year, according to the latest research from ATTOM Data Solutions.
According to ATTOM, U.S. single-family homes and condos sold for a median price of $266,000 in the second quarter. That’s up 10.8 percent from the first quarter of the year and 6.4 percent from a year earlier.
Most importantly? That second quarter median figure was the highest ATTOM has ever recorded.
The ATTOM report also found that owners who sold their homes during the second quarter had owned their properties an average of 8.09 years. That is also a record number, up 3 percent from the first quarter of the year and 4 percent from the second quarter of 2018.
What do these numbers mean for you? Chicago’s housing market isn’t quite mirroring the trends happening across the United States. While housing prices are rising quickly in the hotter markets in the country, they’re rising at a far slower pace in the Chicago area.
This does make selling a single-family home or condo in Chicago a bit more of a challenge. As a seller, you want to land the best price possible for your home. But you do have to be realistic, too. That’s why it’s important to work with a REALTOR® who can help you set the right asking price, one that will attract plenty of offers but will also fetch you a solid profit when you close your sale.
Of course, depending on when you first bought your Chicago home, this can prove more challenging. Some Chicago homes are still worth less in today’s market than they were in, say, 2005 or 2006. If you bought a condo or single-family home here during that period means you might have to sell at a lower price than what you initially paid.
Again, the key is to work with a REALTOR® who has studied the market. This professional can help you determine the best asking price for your Chicago home.