Before you jump into any investment opportunity, you should first do a thorough search of what you’re getting yourself into. In this case, if you’re planning to sell an extra property or an inherited home you have located in Chicago, Illinois, you should first look into the current real estate market and get a feel of present home values. It is only logical that you conduct a thorough research of market values before listing your home for sale.
Get the latest information on market conditions, price range, real estate trends, and more in this article. Read on to find out the most recent news and trends in the real estate market in Chicago, IL this April 2022.
April 2022 Real Estate Trends in Chicago
According to news reports, Chicago home prices will continue rising in 2022. Similar to its state in the previous year, Chicago in 2022 is still a strong seller’s market, so interested home buyers can expect high home listing prices and limited inventory.
As for home prices, expect them to rise as supply continues to fall short of the current demand for homes in Chicago, Illinois. According to real estate reports, in 2021 Chicago experienced home prices that were somewhat steady compared to the rapid increase of home values in 2022. In 2021, the median city home price in February was $335,000, unchanged since July. And in just 12 months, the median price increased by 4.7%. Despite this increase in home prices, it has considerably slowed down. Interested home buyers can expect an increase of around 3.9% in April 2022.
One thing to note, however, is that outside of downtown Chicago, buyer competition remains fierce. Precisely in residential neighborhoods and smaller apartment communities, supply remains low and demand high. Buyers aiming to live in neighborhoods where houses, townhouses and small condo buildings are common should prepare to have to compete with other bids.
Chicago is also seeing a surge in fully renovated single family properties. The Chicago Association of Realtors’ data found that most of the popular suburbs are on the south side of Chicago. Naturally, it follows that this is where many homes are being rehabbed and sold. These properties are ideal for investors who want to buy a property to rent out.
When it comes to days in the market, interested home sellers can expect an average of 30 days to 2 months before their homes are sold. In 2021, homes in Chicago sold for an average of 55 days, but since inventory remains low and people wanting to live in Chicago keep pouring in, homes are selling quickly. Chicago is, without a doubt, still a seller’s market in 2022.
Now that you’re up-to-date with the current real estate trends in Chicago, you’ll know the right steps to take to further your real estate investment plans. With how the market is currently going, now might be the best time to finally sell that extra property you inherited in Chicago, Illinois.
What better way to earn additional income fast than by selling your property to a cash home buyer in Chicago, IL. Cash home buyers will buy your home in its current condition, meaning you wouldn’t have to invest in repairs or renovations before selling it. If you’re interested in selling your Chicago, IL home, look no further than Onyx Homes LLC.
READY TO SELL YOUR HOME?
If you’re looking for quick ways to sell your extra property fast for cash, you should consider selling to a professional home buyer in Chicago, IL. Who has the time to sell your property the old-fashioned way when you’re looking to make a quick buck? We understand the urgency, and we’re here to help.
Here at Onyx Homes LLC, we are experienced cash home buyers in Chicago, IL. We will provide you with the best offer for your home and deliver a quick and painless close to the buying process. If you don’t want to go through the hassle of listing your home and working with a real estate agent, going through the motions of a regular sale, you can always opt to just sell your home to us! We’ll take care of the rest.
Our goal at Onyx Homes LLC is to improve the overall quality of housing for the residents of Chicago, IL. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. For more information about our home buying process, give us a call at (847) 262-9012 today.