With the third quarter of 2016 now officially behind us, now feels like the perfect time to take a close look at how the Chicago real estate market is faring. As you probably already know, new construction in Chicago is thriving, and according to a recent report from The Tribune, over 30 major high-rise developments are currently underway around downtown Chicago, with seven more expected to start before the end of the year.
The median price for the nine-county Chicagoland area jumped by 6.7% in September, increasing from $195,000 to $208,000. In Chicago specifically, though, the median sales price increased by just 4.3%, going from $244,500 in September 2015 to $255,000 in September 2016.
Luxury homes for sale in Chicagoland, which are classified as property listings over $1 million, are still outperforming last year’s pace, with the latest number released showing a 2.6% increase compared to this time in 2015.
Although interest rates have fluctuated a bit, third quarter levels were still hovering around historically low percentages. At the beginning of the third quarter, Freddie Mac reported a 30 year fixed rate of 3.41%, which only rose to 3.5% toward the end of September.