Chicago Real Estate First Quarter Market Update

Posted by Helaine Cohen on Thursday, May 12th, 2016 at 9:43am.

Chicago Real Estate Market UpdateYear-to-date, the median price for properties in the 9 county Chicagoland region jumped 4% from $202,000 to $210,00 in the month of March. As expected, consumer confidence has also been on the rise, with recent statistics showing and Index of 96.2.

Homes for sale in the Chicago area are also selling at a more rapid pace as well, taking around 77 days to selling March of 2016, down from 85 days in March of 2015. New construction prices specifically are also rising steadily, up nearly 15% from a year ago to $539,000.

As for the luxury market in Chicago specifically, which is classified as properties $1 million and over, sales numbers of up significantly, jumping 8.8% from what we say just last year. The average days on market for luxury real estate in Chicago is also down to 118 days, just slightly lower than the 125 days it took to sell a luxury property on average last year.

Inventory remains low all over Chicago, making it a great time for anyone thinking about selling their home to go ahead and list. And with interest rates still low, hovering between 3.71 and 3.96 percent, buyers should continue to be out in full force throughout the busy spring season and into the summer. 

Helaine Cohen, Chicago Real Estate Broker

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