The Chicago Housing Market

The Chicago housing market is a very competitive market that has recently enjoyed increased demand. Going by the stats from the past one-year period, the latest Chicago housing market figures being brandished in reports reveals a decrease in the market time. They also show a sharp increase in the number of closed sales and a considerable increase in the median sale prices of properties. In addition, the figures reveal properties under contract and newly listed properties.

Busy Season

The demand for houses in this market is not usually around the year. Besides the lifestyle changes inspired by the Covid-19 pandemic and reduced mortgage rates that have influenced the Chicago housing market, the housing demand usually peaks during particular months of the year. From the pattern of the market’s frenzy, the all-time high demand is always between January and May.

In situations like this, when a surge in the prices of houses is non-negotiable and interested clients are likely willing to pay more, the input of a top Chicago realtor in securing the best deals during such a busy season cannot be overstated.

Some of Chicago's Popular Neighborhoods

With several counties in Chicago, the housing market attracts interest from buyers for the high-profiled neighborhoods with relatively high population density and employment growth. Other than these, buyers also look out for specific descriptions of each neighborhood in the Chicago housing market.

Lakeview is a popular Chicago neighborhood well known for its affordability and friendliness. On the flip side, pomp is not guaranteed in this neighborhood. Contrastingly, Lincoln Square is one of the most expensive neighborhoods with a median price of about $600,000. Known for its large living spaces, accessible and effective transport system, Lincoln square also has a variety of housing options.

Old Irving Park is a northside neighborhood with a variety of building designs. Most of the residences are spacious and have assigned parking spaces. The Humboldt Park neighborhood is located on the west side of Chicago. Homes in this area sell for a median price of about $450,000 and currently have a median market day of 12 days.

Finding a House in The Chicago Housing Market

In a market as competitive as the Chicago housing market, your search for a house may not be as seamless as it would be in other places. The following tips should help you find a house that meets your expectations. Ensure to:

·      Get a mortgage preapproval.

·      Set a budget.

·      Find a reliable agent.

For your next search and to learn more, contact a top Chicago realtor today.