There’s excellent news for Chicago condo owners! Prices for Chicago condos continue to spike as the overall real estate market continues to find stable footing once again. In March and April, the Chicago real estate market saw double-digit increases in home sales year-over-year, not to mention a favorable increase in median prices to boot.
Buyers seem to be frantic to take advantage of the historically low interest rates that are the talk of the town when it comes to purchasing Chicago real estate right now. March saw a 13.8% increase in the sale of single-family homes and Chicago condos versus one year earlier, according to the Illinois Association of Realtors. This tend contineud in April with an increase of 22% in the sale of single-family homes and 24% for Chicago Condos year over year.
Specifically, the Chicago condo market continues to flourish. Condo prices recorded a 9.3% increase year-over-year. Zeke Morris, president of the Chicago Association of Realtors, points to the tightening inventory though, saying, "Data tells us that buyers are taking advantage of this period when homes are still priced attractively, and interest rates are low, concerned that it might not last. This creates an urgency among buyers that is promising for sellers ready to act.” According to Morris, inventory is down 45% compared to the same time in 2012.
Despite inventory challenges, the recovery that is currently taking place has Chicago condo owners smiling from ear-to-ear after years of declining home values and the sensation of being handcuffed to their property. Now, it’s easier than ever to list a Chicago home for sale because, generally speaking, there are more interested buyers than there are homes to go around. This has contributed to rising prices in all segments of the Chicago real estate market, and as the busy summer months roll around, current owners may have even more of an incentive to put their Chicago condo on the market.
To learn more about Chicago condos that are currently listed for sale, please contact me. I’m a local real estate agent and I’d love to assist you with your Chicago real estate needs.