The Chicago housing and condo market continues to grow due in part to limited inventory, high demand and consistent activity. According to recent data analysis from the Illinois Association of REALTORS®, the nine country Chicago Primary Metropolitan Statistical Area saw sales of condos and single-family houses up 9.6 percent in October on a year-over-year basis.
Taking a more focused look at the data, we see that Chicago itself continued to see a steady rise in home sales and prices with a 7.5 percent year-over-year increase in home sales in October and a 24.9 percent increase in median home prices over that same period of time.
What this means is that demand is still very high for new condos in the greater Chicago area. With inventory low, this demand is driving up home prices as more prospective buyers are not letting competition dissuade them from making a new home or condo purchase.
"Lower inventory options continue to raise pricing in the city as motivated, qualified buyers look to make their move as lower interest rates afford more value for their investment,” said Matt Farrell, president of the Chicago Association of REALTORS® and managing partner of Urban Real Estate. "As the market continues to correct itself, buyers will appreciate increased value on their long-term investment. Absorption of distressed properties being rehabbed and resold will also continue to add value to the communities they are in.”
Although the winter months tend to signal a slow down in many home and condo markets across the country, the forward momentum experienced as of late in Chicago could carry over into 2014. There are plenty of Chicago condos for sale, many of which are attractive to even the most discernible buyer. If you’d like to learn more about Chicago condo opportunities, please contact me today.