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Chicago Real Estate Market Update

Posted by Admin Mode on Monday, January 22nd, 2018 at 3:29pm.

Monthly Indicators A RESEARCH TOOL REFLECTING RESIDENTIAL REAL ESTATE ACTIVITY WITHIN THE 77 OFFICIALLY DEFINED CHICAGO COMMUNITY AREAS PROVIDED BY THE CHICAGO ASSOCIATION OF REALTORS®

Current as of January 14, 2018. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2018 ShowingTime. + 3.1% - 9.4% + 2.8% 1-Year Change in Closed Sales All Properties 1-Year Change in Homes for Sale All Properties 1-Year Change in Median Sales Price All Properties The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. New Listings in the City of Chicago were up 1.5 percent for detached homes and 0.2 percent for attached properties. Listings Under Contract increased 20.8 percent for detached homes but decreased 3.5 percent for attached properties. The Median Sales Price was up 10.0 percent to $219,999 for detached homes and 3.7 percent to $320,000 for attached properties. Months Supply of Inventory decreased 20.2 percent for detached units and 1.4 percent for attached units. Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases.

 

YEAR IN REVIEW

Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax

Information in this article has been provided by Chicago Association of REALTORS®

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