Homes for sale in Chicago have risen in value when comparing home prices now versus last year, but the rise is a modest 10.8 percent. Condominiums have done slightly better at 16 percent, but for many this is a restoration of value that saw big plummets earlier in 2013. Many will take the news for what it is, positive progress, albeit a slow one.
Median pricing for properties varies considerably by location, no surprise, sitting in a current range of $229,000, up from $195,000 a year ago. From an inventory perspective, the number of listings has increased since the beginning of the year, with a 5 percent jump over February 2014. That said, part of the picture still includes the same level of foreclosures and distressed sales as well.
With the weather warming and Spring arriving, many in Chicago are gearing up for the prime Chicago real estate season again, with the buyers coming out as the weather warms and summer arrives in a few months. The hope is that the current gains stick and continue to move upward, with “moderating gains” as the national experts like to say.
In terms of buyer types, Millennials are being seen as the major players for 2014. So sellers should be gearing their inventory to this group as the predominant market for the Chicago area.
Overall, the current picture looks positive for a Chicago realtor as well as buyers and sellers. How the market sustains itself through the year will be key to further progress.