The Chicago housing market continues to bloom through the seasons. Although the Chicago market remains strong, experts say there might be a cooldown in the coming months. Surprisingly, even in light of the pandemic, demand for real estate is on the rise, but inventory of properties for sale is low.
The median home sale price in Chicago was about $345,000 in July, up 5.3% from the same month in 2020. That was smaller than the 6.8% increase the city saw year-over-year in June, data from the Chicago and Illinois associations of realtors shows.
Meanwhile, according to other reputable real estate websites online, statewide home sales in September 2021 amounted to 16,782 homes sold, down 6.7 percent from 17,988 in September 2020. The market exhibits positive price growth but a decline in sales volume. The median home sale price in the Chicago Metropolitan Area was revealed to be around $290,000 in September 2021, up 5.5 percent from $275,000 in September 2020. In a seller’s market, real estate prices increase. The strong buyer demand is driving prices in the Chicago metro area as compared to the previous year.
The Chicago real estate market has recovered at its own pace. While this recovery is certainly not on the same level as the other states, the recovery of the real estate market has occurred at a pace that appears very attractive to local investors.
At this point, you might be thinking, “should I invest in real estate in Chicago?” If you’re living in or planning to live in Chicago, here are some real estate market news you should watch out for.
Increasing prices.
Because homes listed for sale on the market are limited, home prices have exponentially gone up. Supply does not meet demand, which means there are more home buyers than there are homes, making competition for available homes fierce.
If you’re looking to buy a home in this current market, know your budget. Commit to staying within budget despite seeing a wide variety of stylish homes with lavish amenities quickly being bought off the market.
Low mortgage interest rates.
Despite listed houses being scarce and prices soaring an all time high, there are positive trends you should watch out for. For instance, 2021 brought about low mortgage interest rates. In fact, the average rate for a 15-year fixed mortgage dropped to 2.670% in November 2021. This is as low as it’s going to get, considering the pandemic hasn’t truly gone away.
Low interest rates can lead to more affordable homes, however, keep in mind that this may not always be the case. If you’re interested in buying a home in today’s market, don’t focus all of your attention into the low interest rates. Remember, a low interest rate on a house you can’t afford is still a bad deal.
On the other hand, if you’re interested in selling your home, low interest rates mean buyers will be motivated to buy your home sooner rather than later.
Online real estate services are expanding.
Another real estate trend in Chicago to watch out for in 2022 are the expansion of online real estate services. Since the pandemic has kept people and businesses indoors, the real estate market had to catch up by offering online real estate services. These include listing sites working aggressively online to sell your home.
Because of this, open houses can be accessed online through virtual walkthroughs. Additionally, with the rise of online real estate services, document-based processes have sped up exponentially. Virtual agents can close home sales online.
Sell to A Professional Home Buyer
If you live in Chicago, Illinois and are interested in selling your home, we can help here at Onyx Homes LLC. We are a real estate solutions company 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, 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.
