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Chicago Real Estate Market Conditions

In a Nutshell

Carpe Diem, as the real estate market in Chicago is on the up and up, if not down-right strong. 

While interest rates are starting to creep up and will continue to do so, they’re still historically low today.  Lending is much tighter than at the height of the boom, but lenders have loosened up since they over-corrected due to the crash, making obtaining a mortgage doable in today’s market. 

National existing home inventory is up, which is positive, but Chicago’s June 2013 inventory is up over 10% from the previous month, which blows the national 2% average increase out of the water, according to the Realtor.com’s recent report. 

Home prices are rising nationwide, and Chicago’s home prices in particular are leading the pack, alongside Atlanta, San Francisco, Seattle, and San Diego on monthly gains of more than 3 percent from May to June 2013, according to Standard and Poor’s Case-Shiller Home Price Indices Report.  To put it in perspective, Chicago’s seen over an 8% increase in sales price since May of last year. 

Add the overall pending home sales increase over last year to the reduced national and local foreclosure inventory from last year, and you’ve got proof in the pudding that Chicago’s real estate market is on the upswing. 

Where is the Action?

The Mainstream Organization of Realtors’ June 2013 Sales Report for attached-single-family homes shows Chicago’s busiest neighborhood as Near North, which includes many of Chicago’s Lake Front Properties such as Lake Point Tower, 474 N. Lake Shore Drive, and 530 N. Lake Shore Drive in the Streeterville condo area.  The Lakeview neighborhood took second place, with West Town, Lincoln Park, and Near West rounding out the top five active Chicago markets. 

What to do Next?

Business is booming.  Home ownership is obtainable and sales are strong.  Now is the time to buy or sell.  Seize the day and contact me to list your home or help you find your new Chicago luxury condo, townhome, or single family home. 

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