In the video above we looked at recent sales, prices, and inventory levels across the country. But how do these numbers look locally, in Chicago?
The city of Chicago is right on par with the rest of the country. Distressed sales are down by close to 30% and traditional sales are up by 24.3%. In the Loop distressed sales are almost non-existent. There were 0 short sales in this period and bank owned sales were down by 9.1%. Traditional sales were up 25.9%.
Prices in the city of Chicago have not been increasing as quickly as in the state, but they are up 2.2% on average. Digging in a little closer though we can see how dramatically this number can change from neighborhood to neighborhood. Prices in the Loop are up 29.2%! Send us an email through the contact form below to learn about prices in your neighborhood.
Unlike the rest of the country inventory in Chicago is very low. Citywide there is only 3.5 months of inventory available. The Loop is a little more balanced with 4 months of inventory, but 1-5 months of inventory is considered a seller’s market. This is when prices are on the rise and multiple offer situations become rampant.
If you are thinking of selling this might be the time to get the best price for your home, before your competition lists. Let us know if you would like an analysis on the current value of your home, fill out the contact form below.
Start your downtown Chicago home search today!