High prices and a lack of buyers in Chicago may be indicative of a housing bubble. At least that’s what some real estate experts are saying.
They point to evidence that people are still buying but aren’t necessarily willing to pay more than the asking price. Redfin found Chicago homes spend a longer time on the market than those in other major U.S. cities.
Unlike some of those other cities, Redfin also found it’s uncommon for Chicago homes to sell above asking price. On the flip side, just 15-percent of Chicago homes are said to sell at less than list price.
Homes in Chicago’s southern suburbs are some of the hardest to sell. Some equate that to the area’s high taxes. Illinois, in general, has extremely high property taxes, behind only New Jersey.
Despite a growing number of people moving out of the state, real estate prices in Illinois remain high.