Though the temperature says cold, the Chicago housing market is hot. The first month of 2021 saw a record number of closings in the most populous Midwestern city.
The real estate market in Chicago has seen 8 consecutive months of increased sales compared to the previous year. Chicago property owners or those looking to become property owners are experiencing a seller’s market, but will it stay that way?
Are you looking to buy or sell a house in The Windy City? Before you go forward, it’s important to understand Chicago real estate. Keep reading to find out all you need to know.
1. Uptick in Suburban Home Sales
Has the pandemic given you cabin fever? With the majority of people working and schooling from home, it may feel like the walls are closing in. Many Chicagoans are moving out of their small city apartments and opting for homes in the suburbs with yards, patios, and room to spread out.
Expensive, unused amenities have pushed city dwellers to wonder why they’re living in small city apartments. Couple that with the fact that there’s no telling when they’ll go back to their downtown offices, the suburbs are experiencing a growth in sales.
2. People Want Certain Upgrades
The pandemic brought about two must-haves for homebuyers…a home office and some sort of outdoor space whether it be a patio, balcony, rooftop, or yard.
With gyms still closed in a lot of places, home buyers are looking for workout space as well.
3. Low Mortgage Rates
The mortgage rates in Chicago are at their lowest right now. It’s a great time for buyers to get into homeownership. The market is very competitive because the record-low rates are bringing more people into the real estate game.
4. Strong Rental Market
Are you looking for an investment property? The median monthly rent is higher than the national average…good news for the owner, bad news for the renter.
The Chicago rental market offers real estate investors a higher rent-to-purchase ratio than many cities in the nation. It’s a great opportunity to generate cash flow.
5. More Affordable
Chicago is more affordable than a lot of other places around the country with a median home price for an average home in the metro area sitting at $248,000. This is 2% lower than the national average.
Need to sell your house quickly? Looking for an affordable home? URB Chicago makes either one possible. Check us out.
Chicago Real Estate Forecast
If you want to buy a house in Chicago or sell a house in Chicago, pay attention to the Chicago real estate forecast. What can you do to take advantage of the current trends in one of the hottest markets in the country?
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