According to a recent article in Crain’s Chicago Business, home sales in the city of Chicago increased 35.5% in March on a year-over-year basis, almost three times the increase that was seen nationwide. The median sales price in Chicago was up 7.8% that same period, while prices jumped 17.2% nationally.
In the real estate business, Months’ Supply of Inventory forecasts how long it would take to sell off the remaining supply of available homes given the current pace of sales. While four to six months is generally considered a balanced market, inventory levels across Chicagoland dipped below two months’ supply in February, meaning it’s a sellers’ market in many areas.
Working from home became an inevitable reality for many Americans over the last year. It has ultimately changed the meaning of home, and affected what we need or desire from our living spaces. As a result, many people have relocated both locally and nationally in search of a place that suits their new needs, and even more are planning to make a move this year.
With a renewed focus on the value of home and a desire for more space, buyers are eyeing this summer’s real estate market with great interest. But, amid the changes brought on by COVID-19, many homebuyers also have questions about how to move forward – from getting a mortgage approval to safe showing procedures and from making an offer to navigating the attorney review and closing processes. So in this special edition of @ The Market, recorded in mid-May, @properties co-founders Mike Golden and Thad Wong are joined by a range of industry experts to shed light on the homebuying process today.
Some might say millennials are fashionably late to the homeownership party, but they are about to arrive in a big way if you ask @properties co-founders Thad Wong and Mike Golden. In the latest installment of @properties’ @ the market webcast, the two agree that the next 10 years in real estate will be largely shaped by the generation’s shift to homeownership.
With its tree-lined streets, small-town charm and easy access to Chicago’s hustle and bustle, Park Ridge has long been one of Chicagoland’s most desirable communities. Stephanie Szigetvari, Vice President of Brokerage Services for @properties in Park Ridge, touts housing diversity as another reason that home buyers should consider the northwestern suburb. Continue reading
Chicagoland home prices were up a moderate 3.2% in 2018. But @properties identified a number of neighborhoods and towns that outperformed the market. One of those towns is Elmhurst, a western suburb where the average sales price was up 5.6% and median price was up 6.5% year over year.
