Chicago Real Estate Blog - Chicago Market Update

Chicago's Near North Side Tops Sales Numbers for the Month of May

As we get deeper into the summer season, numbers are being released for one of the busier spring months of the year—May. According to reports, Chicago’s top-selling neighborhood for the month of May was the Near North Side, a neighborhood we know all too well.

Given the Near North Side—which includes neighborhoods like River North, the Gold Coast, Streerville and Old Town—has a substantial inventory and a high concentration of condos for sale, it’s hardly a surprise to see it rank as highly as it did.

What is surprising, however, is that West Town held down the 2nd highest sales total with 195 sales compared to the Near North Side’s 280 sales, while Lincoln Park came in with the 3rd highest sales total at 157 sales.

Taking condos out of the equation,…

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Chicago Real Estate Market Update: 1st Quarter 2015

Every now and then we like to provide our readers with a brief snapshot of how the Chicago real estate market is faring, and as we inch closer to the busy spring market, here’s a quick look at how prices, interest rates, and the outlook for buyers and sellers is around the city of Chicago:

Chicago Real Estate Prices:


According to recent stats, prices on closed properties for all MLS listings is up 5.13% from $226,562 year-to-date in 2014 to $238,138 in 2015. And although it’s still early, Berkshire Hathaway HomeServices has the highest year-to-date sales price of all the major firms  at $466,997.

Interest Rates Are Still Low:

Many feel that interest rates are bound to rise sometime in 2015, but currently,  the rate on a 30 year fixed rate mortgage in…

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Chicago Condos See Prices Hit Three-Year Highs

The end of 2013 saw some impressive gains for the Chicago condos and real estate market as the Case Shiller Home Price Index reported a three-year high for Chicago-area condos.

In addition, the end of the year saw Chicago home prices reach their highest levels in four years.

Taking a closer look at the data, we see that although Chicago condo and home prices are on the rise in a major way, but they still have some ways to go before getting back to pre-recession levels. In fact, Chicago single family homes prices, while they’ve risen 24 percent from record lows, they are still about 24.4 percent below levels from the bubble peak. 

In addition, while Chicago condo prices rose 20.6 percent from record lows, they are still about 20.7 percent below…

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Chicago Real Estate Report Shows Massive Upward Trends

It took Chicago awhile to catch up with the housing market boom that much of the nation has experienced in 2013, but a recent report from Midwest Real Estate Data LLC (MRED), as reported in Chicago Magazine, shows many positive signs for those looking to unload their Chicago condos and Chicago homes for sale.

According to MRED, 7,998 Chicago home sales occurred in June, which is a massive year-over-year improvement from June 2012, when 30 percent less homes sold. And May 2013 was even stronger year-over-year, with 39 percent more Chicago homes selling in comparison with May 2012. These homes were also being absorbed much more quickly in terms of when they went on the market and when they actually sold. Homes were on the market for an average of just 96…

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Chicago Condos See Record Gains

Case Shiller produces some of the most reliable and depended-upon reports for Chicago condos and homes, and a recent report published by the company shows Chicago condo prices seeing record gains from April to May of this year, the most recent months on record.

These record gains for Chicago condos came in the form of the value of these spaces going up 6 percent on average from just one month to the next. Condo values for this time period also reached highs they had not seen since July of 2011, but more importantly, they are up 18.1 percent from their market lows, signaling a turnaround in the Chicago condo market that has been evidenced recently in increased buyer demand and extremely low inventory rates. Overall, Chicago condo prices were up by 11.9…

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Chicago Condos Lead the Way in May Real Estate Sales

Buyers are showing their preference for Chicago condos, as sales have risen dramatically during the first five months of 2013. During May, Chicago condo and townhome sales increased an impressive 35%, which helped the overall real estate market post a 30% gain in total sales year-over-year.

May’s total sales pace was the largest since May 2006. And in addition to the quantity of homes that sold, the pace was also of note. The average number of days on the market in May fell to 115 days from 160 days during May 2012. Tighter inventory and the continued low interest rates are making buyers jump at any opportunity they have to purchase a Chicago condo. Currently, there is about a three-month supply of homes on the market, whereas a six-month supply is…

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Chicago Condo Market Sees Busiest March and April in Five Years

March and April were impressively busy months for the Chicago real estate market, with both single-family homes and Chicago condos selling in record numbers. In fact, it was the busiest month on record since 2008.

In addition to an uptick in overall sales, prices of Chicago condos and homes also increased. The median price climbed 9% during the month of March and 10.4% in April versus one year earlier according to the Illinois Association of Realtors. This marks the seventh consecutive month that median home prices rose on a year-over-year basis in Chicago. This news is just the latest bright spot for the Chicago condo market that continues to recover in the wake of the housing crisis.

Inventory issues remain an issue for upper-crust Chicago condos…

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