According to recently released numbers from Illinois Realtors, the median sales price of a condo in Chicago jumped to $320,000 in August, representing a 5.6% increase from August 2016.
Single-family home median sales prices were also on the rise last month, although only by 2.3% to $230,000, according to the same report.
With inventory still right across the board and prices on the rise, the city of Chicago also saw home sales decline year-over-year in August, dropping by 4.5% from 2,844 sales in 2016 to 2,716 home sales in August of this year.
Along with inventory woes, part of the sales drop could also be linked to student loan debt keeping many Millennials from buying their first home, which could actually be delayed by seven years according to a recent study from the National Association of Realtors.
In a statement from NAR’s Chief Economist, even older Millennials with higher incomes are struggling to save for a down payment and don’t yet feel financially secure enough to buy.