Chicago Real Estate Market Trends To Know
Whether you were born and brought up in the city of Chicago or are planning to move to the city, understand that the Chicago housing market reflects national trends and deviates from them. The neighborhoods of Chicago range dramatically from quiet residential areas to densely populated urban cores. If you are planning to buy or sell a home in Chicago or other cities in Illinois, it will be better to know what to expect before you start.
As a real estate agent in Illinois, we share some Chicago real estate market trends to help you. Read along to know.
Prices Are Rising But Slowly
Like many other cities in the country, Chicago city is also experiencing rapid and positive price growth for real estate properties, but at a slower pace than smaller metro regions. The median home price for the Chicago primary metropolitan statistical area in the month of February 2022 increased by 12.5% from February 2020.
Fierce Buyer Competition Outside Downtown
The densely populated downtown area is one thing that keeps the Chicago metro area’s numbers more conservative than other regions. However, in more residential regions and smaller apartment or condo communities, the competition is fierce. Those home buyers looking to buy in neighborhoods where townhouses, houses and small condo buildings are common should be prepared to compete with other bids.
Outdoor Space And Square Footage Are Driving Sales
The desire for space is one trend for Chicago homebuyers that is also reflected across the nation. Buyers are looking for more areas for a home office or virtual classroom and outer space that can make it easy and comfortable to privately enjoy the outdoors. People have become more home centric after the pandemic and that is not going to change completely for a while.
Go For Small Downtown If Considering To Buy In The Suburbs
If you wish to live away from downtown, you can find popular spots by looking for a small downtown that makes the suburb self-sustaining. A suburban region can provide community amenities needed by a person without any added density and city traffic. However, you should not expect much new housing to be available in these areas as there are not many great sites for development, especially in desirable suburbs. Of course, there are developments in the suburbs, but they are not as quick of a process as in the city areas.