As expected, Millennials are playing a big role in how well the real estate market is faring right now, but many who are on the move are finally starting to buy rather than rent. With interest rates already rising, and expected to continue to rise before the end of 2015, many 30-somethings all throughout the Chicago area are boosting home sales significantly, so much so that sales levels are actually reaching a level we haven’t seen since before the recession.
Although the housing recovery has been on-going for the last several years and the market has continued to get better each and every year, the one aspect that hasn’t been improving relates to first-time home buyers, who are seemingly finally starting to come around.
In the 9-county Chicagoland area, sales for existing homes jumped 7% in May from last year, with a median price of about $222,000—the highest since October 2008. The number of days homes are sitting on market is also the lowest we’ve seen in quite some time, especially around some of Chicago’s red hot west side neighborhoods like the West Loop, Wicker Park, Bucktown, and Ukrainian Village.
Chicago’s strong job market is also a contributing factor to the Millennial home buying boom, which of course makes any path to home ownership a bit easier.
From the city to the suburbs, it looks like the next wave of home buyers is finally starting to make a move, which should continue to build momentum for the downtown Chicago real estate market through the summer and fall and well into next year.
Looking to make the move to the city? Start searching downtown Chicago condos for sale now, or call Helaine Cohen today to discuss all your home buying needs and wants!