Real Estate Market in Chicago Rises to a Nine-Year High
With the real estate sales figures in Chicago for April just about done being collected and compiled, it has already been determined that last month (finally) brought about a huge rebound for the local housing market. This upward swing is particularly good news for Chicago seeing as this Illinois city has suffered a slow, unreliable local real estate market.
This nine-year high in home sales, combined with a huge year over year gain, ended up seeing a surprisingly large rise in home sales. Compared to even only a year ago, the sales for homes in Chicago are showing to be over ten percent higher this year. After adjusting for discrepancies and taking a more conservative look at the topic, the Illinois Association of Realtors still shows the home sales growth from last year to be just shy of eight percent. Similarly, the average amount of time that homes are on the market this year is declining as well. Last year, attached homes would be for sale in Chicago for 84 days before finally selling while this year they are only going to 78 days. Detached homes are also declining as far as time on market is concerned, but it is not substantial at all – last year they would be on the market 103 days while this year they are at 101.
Nevertheless, even though April was so strong for the real estate market here in Chicago, you may want to hold off on making and brash decisions because of the news. This is because the market is not yet showing that it is settling into an upward trend and instead is still bouncing around as it continues to stagger a bit from an economy that can’t quite settle itself into anything. Still, if you are one of the people lucky enough to sell a home at a good price during this momentary high point, you probably also were able to take advantage of buying a home that was on the market for a while, which might mean paying significantly less than the asking price – if so, some new Mercedes Rims might be in order for you in celebration of the move. Chicago as a city is very into image and nothing screams success, like pushing a Benz. If you can afford it, a brand new one is the way to go, or you can go a less expensive route by getting a used one, grabbing some body parts and a new engine to make sure everything is in tip top shape.
As good as this news might sound for those of us who work or have an interest in the Chicago real estate market, this time of growth is not worth celebrating over. Sure, we might be at a time where home sales are higher than they have been in almost a decade, but the market as a whole is still in the tank when you compare Chicago to most other urban areas in the United States. With a low inventory for both attached and detached homes alongside what is looking to be a rough May, June and July, you’d need an incredible real estate agent to find any kind of specific housing. Even then, though, you would probably have to act quick to make sure the home you want actually goes to you.
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