Chicago Housing Prices Remain At Historically Low Levels
October 28th, 2009 categories: Chicago Info/News, Chicago Real Estate News, Economic Recovery, For Buyers, For Homeowners, For Sellers, Housing Market, Mortgage Info
This remains a great time to buy a home in Chicago. City condominiums and single-family homes, even in top neighborhoods such as Lincoln Park, Lakeview, Lincoln Square and Roscoe Village, continue to be more affordable than they have been for years.
According to the Illinois Association of REALTORS®, the median sales price of an existing home in Chicago stood at $225,000 in September. That’s down more than 16 percent from one year earlier. The median sales price hit $268,600 in September of 2008.
You can point to the high number of distressed or foreclosed homes that sold last month as one reason that housing prices have fallen. But you can’t discount the fact that sellers have reduced their asking prices, too. It seems that sellers have finally settled on asking prices that have fully captured the attention of potential buyers. That’s good news for the city housing market.
To buyers, this low median selling price is extremely good news. City housing has always been a great investment. If you hold onto a condominium or single-family home in Chicago for five years or more, the odds are great that your residence will experience solid appreciation. When you sell, you’re extremely likely to make a good profit.
Now that Chicago housing is so affordable, it’s an even better investment. With some savvy shopping, and with the help of a knowledge REALTOR®, you should be able to find a good home in a good location for a price that is extremely fair.
Just don’t expect to make a profit in a year or two. The days of such rapid housing appreciation are gone. And that’s a good thing. The housing boom years may have been fun, but they were unsustainable. Housing prices simply rose too high too quickly.
We’ve now returned to a more stable housing market. Prices in Chicago won’t continue to fall indefinitely. I think we’ll soon start seeing a gradual increase in the values of area condominiums and single-family homes. Appreciation won’t soar like it once did. But it will be steady.
If you’ve been debating whether to enter the Chicago housing market, know that now is as good a time as I’ve ever seen to buy a home in the city. You’ll be buying low. And, if you’re patient, the odds are great that you’ll be able to sell high.
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