New Survey Paints Clearer Picture of Chicago Housing Market
January 30th, 2012 categories: Chicago Real Estate News
Who is buying homes in Chicago? A new survey from the National Association of REALTORS® gives a clear picture. And Mary Ellen Podmolik, a writer for the Chicago Tribune, does a good job of showcasing the most interesting numbers in a recent story.
According to Podmolik’s story, the percentage of African-Americans buying homes in Chicago for the year ended in June of 2011 rose to 14 percent. Two years prior to this, that number stood only at 10 percent. At the same time, the percentage of Chicago buyers who were Asian fell to 8 percent from 12 percent in 2009. Hispanic buyers, Podmolik writes, continued to account for 3 percent of the Chicago market.
Podmolik took this data from the National Association of REALTORS®’ most recent profile of home buyers and sellers. The survey size of Chicagoans was a small one, less than 200 buyers. Still, the association numbers tell an interesting story of how Chicago home buyers are changing.
According to the survey, the median income of a Chicago home buyer stood at $103,100 in 2010. That same figure stood at a lower $94,100 in 2008. The median purchase price of a Chicago home fell to $269,000 last year. That’s a fall of just about 5 percent from 2009. And while buyers paid less last year, they received more home for their dollars. The median size of a home purchased in Chicago last year was 1,600 square feet. That’s up 20 percent from the average size in 2009.
First-time buyers remained an important part of the Chicago housing market, according to Podmolik’s story. These buyers accounted for 61 percent of Chicago home purchases in 2011. In 2009, that figure stood at an even higher 64 percent.
The REALTORS® survey also found that the demand for single-family homes was on the rise in Chicago last year. According to the survey, 37 percent of all Chicago buyers and 25 percent of first-time buyers purchased detached single-family homes in 2011. Two years earlier, 27 percent of all Chicago buyers and 23 percent of first-time buyers chose single-family, detached residents.
The survey reflects a Chicago housing market that is changing in accordance with challenging economic times. The results aren’t exactly surprising, but that doesn’t mean that they’re not intriguing.
