Monthly Real Estate Speaking Points
C.A.R. provides speaking points to help you speak confidently with reporters or others who may ask you about Chicago real estate. Prepared monthly, speaking points promote accuracy and consistency among Chicago REALTORS®. If you have questions about talking to the media or any other public forum, contact
How Fast Are Homes Selling In Chicago
Also known as median market time, this graph tells us how long it takes most city center homes to go under contract after they hit the market.
When a real estate market is highly competitive , homes sell quickly and market time is low usually less than 30 days. In very hot markets, homes can sell in as little as a week.
Chicago Exodus To Suburbs In Full Swing Real Estate Broker Says
Chicago-area housing market soars with high demand
Ayoub Rabah, president of Coldwell Banker, talks about the state of the Chicago-area housing market and explains the current rise in demand.
CHICAGO – The exodus to the suburbs is in full swing in Chicago, according to a local real estate broker who noted on “Varney & Co.” on Tuesday that homes in the suburbs have been getting multiple offers, cash offers and offers over the asking price.
Residential real estate has remained strong through the coronavirus pandemic, which has battered other sectors of the economy, with record-low mortgage rates helping to stimulate growth in home sales.
The report also noted asking prices of newly listed homes hit a new all-time high of $350,972, which is an increase of 10% from the same time a year ago and that new listings of homes for sale were down 17% from the prior year.
You gotta be prepared to move quickly: Houses flying off the market in Chicago, suburbs
In the Chicago area, people are struggling to buy homes. Real estate experts say because people have& nbsp been stuck inside all year, so many families are looking to up-size.
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Chicago Labor Force Statistics
The Chicago-Joliet-Naperville MSA had an unemployment rate of 7.2% as of November 2020, which dropped significantly from 12.7% unemployment in August 2020. While these numbers are traditionally higher than most, it is important to take into account the context of the pandemic and its effects on labor markets nationally and globally.
To put things into perspective, Chicagos MSA has an unemployment rate that is not as high as Las Vegas, which has the highest unemployment rate in the country currently at 10.4% or Detroit at 10.1%. Meanwhile it is a bit higher than Phoenix, San Francisco, or Seattles unemployment rate which all sit around 7 8% unemployment currently.
Chicago Rehabbed Homes Are Readily Available
Chicago is seeing a surge in fully renovated single-family homes. The Chicago Association of Realtors data found that most of the strong suburbs are on the south side of Chicago, and this is where many homes are being rehabbed and sold. Calumet Heights is in this category a quarter of properties sold were either rehabbed or candidates for rehabilitation. These properties are ideal for investors who want to buy a property to rent out.
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Chicago Real Estate Foreclosure Trends
In July 2021, for the Chicago PMSA, the percentage of foreclosed sales among the total sales was 2.6%. 13,321 regular sales were made, 5.4% more than last year. 351 foreclosed properties were sold, 52.7% less than last year. The median price was $312,000 for regularproperty sales, up 10.2% from last year the comparable figure for the foreclosed properties was $253,000, up 29.7% from this time last year.
Chicago Real Estate Market Forecast 2021
The Chicago housing market is shaping up to continue the trend of the last few years as one of the hottest markets in the United States. It is also one of the hottest real estate markets for investing in rental properties. What are the Chicago real estate market predictions for 2021 and 2022? In 2018, the Chicago real estate appreciation rate was running at about half the national rate at a 3 percent range when the nation was at 6 percent. After cooling off, Chicago became the weakest housing market of 2019. The home prices grew by a mere 1.5 percent, lagging behind the nation.
According to LittleBigHomes.com, the highest annual change in the value of houses was 21% in the twelve months ended with the 2nd Quarter of 1977. The worst annual change in home values in the Chicago Market was -11% in the twelve months ended with the 1st Quarter of 2010. The highest growth in home values in the Chicago MSA over a three-year period was 35% in the three years ended with the 2nd Quarter of 1989. The worst performance over a three-year period in the Chicago Market was -23% in the three years ended with the 2nd Quarter of 2011.
Let us look at the price trends recorded by Zillow over the past few years. From 2011 to 2012, the prices declined continuously. Since Jan 2013, Chicago home values have increased by around 60% . As you can see in the graph, the Chicago housing market was weak in 2019, essentially flat, but prices have gone up 10.3% over the past twelve months.
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The Current Chicago Commercial Real Estate Market
To highlight some of the major economic statistics in the area, we compiled the key points of Chicagos commercial real estate market with stats that focus on 4 primary sectors: office, industrial, multifamily, and retail. This report includes: cap rates, vacancy rates, sales volumes, and population growth.
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That was that the hurdles urban areas confronted last year would be only transitory, and renters would again be attracted to living downtown.
Its not necessarily the return to office driving this revival, Weldon says. Both renters and buyers are looking for homes that put them in close proximity to the kind of recreational, entertainment and social opportunities cities offer, with the businesses and amenities that support their daily lives just steps or a quick walk away.
Chicago-based developer Fifield Cos. has reached full lease-up at its Logan Apartments in the near Northwest Side Logan Square enclave, which it unveiled around the start of the pandemic. Fifield Co.s Westerly, situated in Chicagos River West neighborhood, opened a few months after Logan Apartments, and is 75 percent leased.
The city-versus-suburbs question elicits a best of both worlds answer right now, as renters in both types of markets are drawn to the same features, says Fifield Cos. senior vice president Jon Schneider. Work-from-home amenities that offer the technology and space to support remote work, units with ample space and upgraded finishes, and walkable locations where most of what residents need is at their doorstep or a quick stroll away appeal to a wide range of renters, whether they are drawn to the buzz of the city center or the respite of a quieter outlying neighborhood.
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The Slowing Of Home Sales
Another indicator of a real estate market shift in and around Chicago is the fact that home sales have slowed down. The aforementioned Realtor.com research revealed a decline of -7 percent in home sales over the past 12 months as of June.
Redfin, a national real estate brokerage, also released a report revealing that listed properties for sale in Chicago stay in the market for an average of 57 days, compared to the national median of 35 days. This slow-down in 2019 is one reason why the median price has remained flat.
A few of the suburbs where home sales and the median prices both decreased this year, and the average time houses spend on the market increased, are: Arlington Heights, Oak Park, Oak Lawn, Highland Park, Brookfield, and Prospect Heights.
Northwest Suburbs Il Real Estate
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Illinois Housing Market Statistics
In 2020, home sales totaled 172,394, up 9.6 percent from 157,268 in 2019. The year-end 2020 median price reached $225,000, up 7.7 percent from $209,000 in 2019. Months Supply of Inventory in 2020 was 2.0, a decline of 44.4% from the previous year. In the MetroChicago Housing Market, which comprises the nine counties, the number of homes sold in the metro area during the year rose by 8.8 percent in 2020, to 120,256 sales. Thats the highest since 2012, according to the Illinois Realtors market report released in December.
Months Supply of Inventory in 2020 for the metro area was 1.8, a decline of 45.5% from the previous year. This shows that it was a strong seller’s market in 2020. A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. With continued record low-interest rates, there’s an increase in demand for properties as indicated by the year-over-year increase in closed sales of all properties.
The median home sale price in December 2020 was $266,250 in the Chicago Metro Area, an increase of 12.3 percent from $237,000 in December 2019. The year-end 2020 median price reached $268,000, up 8.1 percent from $248,000 in 2019. In the City of Chicago, the year-end 2020 median price reached $316,000, up 7.1 percent from $295,000 in 2019.
The Chicago Real Estate Market: Stats And Trends For 2021
Median home sales prices in Chicago are projected to keep rising in 2021 as the demand for housing in metropolitan Chicago exceeds supply. Both the city and the suburbs are seeing growing demand, with inventory down to historically low levels. Investing in rental property in Chicago could be a smart move this year, with more households in Chicago renting instead of owning.
Gateway real estate markets like Chicago are an elite group of powerhouse U.S. cities with high liquidity, large economies, influential culture and international brand recognition.
While all are praised for being wise investments, their steep prices make them out of reach for the emerging investor. Except for one.
Property investors looking for an approachable gateway location have a no-brainer option in Chicago. It boasts a powerful economy like coastal markets New York and Los Angeles, though some residents might find it cleaner than the former and kinder than the latter.
Nicknamed Chicagoland and the Windy City, Chicago is the third most populous U.S. city, has the third busiest airport, and is centrally located to all its sister gateways. It also happens to be way more affordable.
Heres a little research into the Chicago market and why it could be a nice nest for your real estate investment dollars.
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Chicago Real Estate Investment: Should You Invest In Chicago
Is Chicago a Good Place Real Estate Investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Chicago housing market 2020 forecast for answers on why to put resources into this market. Chicago is a strong renter market. Over 50% of the population rents in this city. Chicago is the 6th most walkable city in the nation. Chicago metro area has a population of approximately 8,865,000, a 0.03% increase from 2019. It is the most populous city in the U.S. state of Illinois, and the third-most-populous city in the United States.
Chicago has a mixture of owner-occupied and renter-occupied housing units. According to Neighborhoodscout.com, a real estate data provider, one and two-bedroom large apartment complexes are the most common housing units in Chicago. Other types of housing that are prevalent in Chicago include single-family detached homes, duplexes, rowhouses, and homes converted to apartments. Single-family detached homes account for roughly 25.98% of Chicago’s housing units.
Lets take a look at the number of positive things going on in the Chicago real estate market which can help investors who are keen to buy an investment property in this city.
Chicago Real Estate Market Current Conditions
If youve always felt like the last USA Today article you read on US Housing Starts was little hard to relate to, youre not alone.
What the heck do US housing starts have to do with your condo in Lakeview? How is a news clip about Chicago area home sales supposed to help you figure out if 2021 or 2022 is the right time to buy?
Its easy to find trends and predictions on the real estate market its one of a news outlets favorite topics. But youll have a harder time finding trends and predictions on your local real estate market.
Thats where this report comes in.
Here, youll find live, up-to-date info on the real estate market in Chicago and the surrounding suburbs. Weve broken down the most relevant stats and what they mean to you as a home buyer or seller, along with a forecast for whats to come in 2021 and 2022.
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In Chicagoland Space And Land The New Luxuries
Its become a common refrain in the world of residential real estate that buyers are looking for more space, and its no different in the Chicagoland luxury market, according to Coldwell Banker.
The real estate franchises annual survey of the global luxury market, known simply as The Report 2021, shows the Chicagoland market echoing whats been seen throughout the area and much of the rest of the country. Across Coldwell Bankers power markets, the sale of homes with more than 5,000 square feet jumped by just under 17% between 2019 and 2020. The number of days those properties spent on the market also declined 8% over the same period of time.
Coldwell Banker describes the Chicagoland luxury market as among the most robust and diverse high-end property markets in the United States. More space, both inside and out, has been among the most requested amenities over the last year, according to the report. A lot of that trend is driven by families who are also asking for properties near green spaces in and around Chicago. The hottest neighborhoods include Lincoln Park, Lake View and Forest Glen, while surrounding communities, such as Winnetka, Lake Forest, Highland Park, Lake Bluff, Hinsdale and Western Springs, are among the most popular suburbs for luxury buyers.
The median sales price for those single-family homes in the top 5% of their markets in 2020 was $1.6 million in Chicago, $1.2 million in DuPage County, $1.1 million in Lake County and $639,500 in Will County.