More Proof that Chicago is a Buyer’s Market
May 13th, 2009 categories: Chicago Info/News, Economic Recovery, FSBO's, For Buyers, For Homeowners, For Sellers, Housing Market
I’ve been reading a lot of unexpected good news lately regarding the residential real estate market. I’ve seen, as you probably have, reports that both home sales and housing prices are gradually rising in Chicago.
But while this news is welcome, it shouldn’t lead anyone to think that Chicago isn’t still a great market for home buyers.
Housing prices in the city are still far below what they were even one year ago. The Illinois Association of REALTORS®’ recently released first-quarter sales data bear this out.
According to the association, the median housing price for condominiums and single-family homes in the city of Chicago came in at $216,000 in the first quarter. That’s down 26.8 percent from the median price of $295,000 in the first quarter just one year ago.
You can read about these numbers in this story from Chicago Real Estate Daily.
Along with the drop in prices, Chicago home sales fell, too, in the first quarter. The city saw the sale of 2,909 homes in the first quarter this year, down 37 percent from the first quarter of 2008, when 4,617 homes sold.
These numbers are significant for anyone who wants to buy a condominium or single-family home in Chicago. They prove that buyers can still find great values in the local real estate market.
This is especially important for buyers looking for residences in the city’s most popular neighborhoods, places like Lakeview, Lincoln Park, Lincoln Square and River North. These neighborhoods are traditionally some of the priciest in the city. With housing prices down from a year ago, it’s now possible for buyers to find more affordable options in these neighborhoods.
Despite the fact that the median value of homes, and sales, too, rose slightly in March, it looks like Chicago remains a strong buyer’s market.
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