What Do the Latest Numbers Tell Us About the Chicago Market?

Chicago Real Estate Video Blog with Leo Goykhman

Home values in Chicago have increased since last year, which puts us in a seller’s market.

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What’s the latest update on our Chicago market? Let’s take a look at some stats from Illinoisrealtor.org.

The median sales price for 2017 is $246,000, which is higher than the 2016 median sales price of $236,000. Since 2016, inventory of homes for sale is down 10%, and the average days on market has also decreased nearly 7%. The average listing price is expected to climb 1.95% in 2017.

Based on recent trends, Geoffrey Hewings predicts it will take 1.2 to two years for Chicago area homes to reach their peak-2006 values again.

Given all the recent developments,
Chicago is a seller’s market.

The average home price in Lincoln Park, one of the more stable areas north of the Loop, didn’t decline as much after the crash. It actually climbed 30%, bringing the median price of a single-family home up to $1.9 million in the third quarter, according to the Chicago Association of Realtors. That’s compared to a pre-crash 2006 peak of $1.4 million, according to Chicagotribune.com.

Overall, given that home values have gone up 8% in the past year, Chicago is a seller’s market.

If you have any questions, please feel free to shoot me an email or give me a call. I’d be happy to help you.