As we look at how the Chicago real estate market is faring through the 2nd Quarter of 2015, there’s lots of positive things to be excited about as we approach the halfway point for the year. In the 9 county Chicagoland area, the median price back in March was $204,000—up roughly 16.6% from $1750,000 in March 2014. Furthermore, in just Chicago, the median home price in March was set at $263,079—up nearly 12% from $235,000 in March 2014.
Luxury home sales are also on the rise around Chicago, which are classified as homes sold for $1 million or more. According to some statistics, 18% more luxury units were sold in Chicago over the 2nd Quarter this year from 2014, while increases all over the Chicagoland area were recorded as well.
Historically low interest rates are still on-going, with an average rate of 3.68% for a 30-year fixed mortgage seen through the 2nd Quarter 2015. Increases are expected sooner rather than later, however, so if you’re considering a move, the time to buy is now.
For more information about downtown Chicago condos for sale, contact local real estate Helaine Cohen today at (312) 953-0961!