Buyers Finding Great Deals on Homes and Condos in Chicago

Posted by Helaine Cohen on Monday, May 30th, 2016 at 11:33am.

Chicago Condo NewsIf you’re in the market for a home or condo in Chicago you could be in for a great deal. That’s according to real estate data compiled and analyzed by OpenHouse. The group is reporting that most of the homes sold over the last month or so went for below the asking price.

Looking closer at the nearly 2,500 Chicago homes that sold during this period, nearly 500 of them went for more than the asking price, another nearly 650 went for the asking price and almost 1,400 others sold for below the listing price.

While the news is encouraging to buyers, it doesn’t necessarily mean all neighborhoods in Chicago deliver the same value. The most competitive markets in the city, according to Crain’s, include the greater West Town area and Logan Square. These are the same markets that have seen prices climbing for a number of years.

Also interesting from Open House is that while the median listing price has risen, the homes are staying on the market for fewer days as the weather gets warmer.

Helaine Cohen, Chicago Real Estate Broker

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