Chicago is always fighting for the top CRE spot with other worthy opponents like New York, Los Angeles, and San Francisco. If you don’t know what CRE means, that’s commercial real estate to you! So, how does this affect the Chicago real estate market, particularly for residential listings? In this article, we’ll be discussing the Chicago real estate trends for 2022!
Chicago Real Estate News
The median price for a home in the Chicago metropolitan area is $270,000 as of February, which is a decent start to Q2. This equates to a 12.5% increase as compared to February 2020. When looking at the state as a whole, the median price for a home is relatively lower at $226,983. Still, this is a 14.1% increase compared to the prior February.
In terms of homes sold, there were fewer homes sold this year as compared to last. But this does not mean there is a decrease in demand. On the contrary, Chicago real estate is so prized that few are willing to part with their properties. The decrease in Chicago homes sold is due to the smaller number of homes being put on the market. The few that were listed, though, were sold immediately.
While it’s no surprise that downtown Chicago is a real estate hotspot, suburban areas outside of it are also faring quite well in the real estate market. It’s not unusual for Chicago homes to receive multiple offers as soon as they’re listed.
Chicago real estate trends for 2022 Q2 indicates that inventory is still low, making it a strong seller’s market. Those looking to sell their homes can demand for more, which are likely to be met.
SELL TO A REAL ESTATE AGENT
If you’re looking to cash in from the real estate boom, you need to act quickly. While demand is still strong now, it is likely to slow down in the months to come. One way to sell your property is through a real estate agent. While this traditional route can be convenient, it is also time consuming. When you’re racing against the clock to beat out your competitors, this may not be the way to go.
SELL TO A PROFESSIONAL HOME BUYER IN CHICAGO
For you to make the best gains possible from the booming real estate market in Chicago, you need to sell your home fast! Putting your home up on the market or even selling it directly to an interested buyer can take a few weeks, at best. So, you should look into selling to a professional cash home buyer instead. When you choose to sell your property to a professional home buyer, you can sell it as-is, meaning you don’t have to spend time or money making any changes on your property just to make it more marketable.
Consider selling your home to Onyx Homes LLC. Here at Onyx Homes LLC, we buy houses in any condition. We are cash home buyers located in Chicago and we’re ready to buy your property at fair market value! You don’t have to resolve any code violations or do any repairs. We will buy your property as is so you can focus on more important matters. If you want to sell your home fast for cash in Chicago, IL, consider selling your property to professional home buyers like Onyx Homes LLC.
READY TO SELL YOUR CHICAGO HOME?
If you live in Chicago, Illinois and are interested in selling your home, we can help here at Onyx Homes LLC. We are a cash home buyer in Chicago, IL that specializes in solving your real estate problems for you. We buy houses in Chicago, IL here at Onyx Homes LLC, and will act as your personal guide during your home selling process.
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 so the long, arduous process of traditional home selling won’t have to be an option. For more information about our home buying process, give us a call at (847) 262-9012 today.
