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At last, Chicago home prices begin to rise

filed under: Buyers, Chicago home prices, Chicago home sales, Lincoln Square, Market conditions posted on May 28th, 2012

SOLD IN 9 DAYS:

SOLD IN 9 DAYS: This 4-bedroom Lincoln Square house, which featured all new electric, plumbing, HVAC, roof, and other modern amenities throughout, sold for $590,000 -- close to its full asking price of $599,000 -- after just 9 days on the market. Updated homes in desirable neighborhoods have been selling well this spring as the Chicago market improves.

The spring housing market has been very busy this year, with many homes going under contract quickly and multiple offers cropping up on some of the most desirable properties. Recent data from the Illinois Assn. of Realtors confirms that the Chicago market is finally gaining strength again after several years of steady declines.

In the city of Chicago, the median home price for April jumped 9.3% over that of the previous year, to $184,800. April home sales were also up significantly, rising 19.4% over this time last spring (which was kind of sluggish). Last April there were 1,466 single-family houses and condos sold, but this year the number shot up to 1,750. Chicago home prices and sales also increased in March over the prior year, though not as dramatically.

“With rents in the city of Chicago increasing, paired with a limited supply of rentals available, renters are reviewing their options,” said Bob Floss, president of the Chicago Assn. of Realtors. “Historically low interest rates and great opportunities in the market are compelling to both first-time and move-up buyers looking to spend their dollars wisely and own their own home.”

I have seen a lot of activity this spring, from first-time buyers finally ready to jump into the market to investors paying cash to snap up distressed properties to families seeking to move into a larger home. There have been more than a few bidding wars, particularly on single-family houses in desirable locations. The market finally seems to be finding its footing. But what I don’t see is buyers — who are without exception looking for a good deal — bothering with homes that are obviously overpriced.

If you are looking to buy a Chicago-area home this year, keep in mind that updated properties in nice neighborhoods tend to attract a lot of interest, and if they are well-priced they could sell quickly. And if you are trying to sell a home, be sure it is competitively priced. Buyers are out there for homes that are properly priced — and you may sell faster than you imagined.

Written by Sue Fox //

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