It’s time for an update regarding our Downtown Chicago real estate market. Let’s take a look at what has changed and how current conditions may impact your real estate goals.
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We are in the midst of the spring market here in Downtown Chicago, so today I’d like to take a moment to update you all on current statistics.
First of all, the median price for homes in our local market is up 1.3% year over year. So while we’re still seeing price growth, it’s apparent that this growth is beginning to slow. And home sellers are facing more competition this year, with the number of homes on our market having risen by 12.6% year over year.
Meanwhile, buyers are writing fewer contracts, amounting to a year-over-year decrease of 3.7%. Yet Downtown Chicago is still certainly in a seller’s market, as there are about four months of supply available today.
Downtown Chicago is still certainly in a seller’s market.”
However, interest rates are on the rise and 2018 is a property tax reassessment year in the city of Chicago. This means the cost of ownership is rising for new buyers.
In segments of the market with rising supply and lower demand, activity is likely to restrain future price growth. But micro markets do exist in our city. Even within the same complex, units of different sizes, types, and views can face very distinct selling realities.
If you have any other questions, would like more information, or are thinking of selling and would like a 360 market analysis, feel free to give me a call or send me an email. I look forward to hearing from you soon.