Single-family home prices in Chicago are reaching levels not seen since 2007, according to a recent article in Crain’s Chicago Business. Median sale prices reached $260,000 in June, and are closing in on the record high of $275,000 set nearly 10 years ago. “Median” means that half of the homes sold for more than this amount, and half sold for less.
Meanwhile, the median sale price of Chicago condominiums and townhomes has been hovering around $329,000. This is a benchmark that has been hit several times in the past, and prices for these types of homes have not been rising as aggressively.
According to a source cited in Crain’s, single-family home prices are being boosted by new home construction within Chicago. However, older, less expensive properties in desirable locations are being demolished to make way for these new homes. The new homes are typically geared towards luxury buyers who are looking for the best of both worlds: a new, modern home within easy distance of employment and entertainment. If this single-family home redevelopment trend continues, it will further constrict Chicago’s affordable housing supply.
The demand for Chicago homes remains strong, and first-time home buyers have plenty of competition from developers, property investors and other home buyers! Fortunately, first-time buyers can accomplish their goals by being well-educated about the home-buying process, and by being financially prepared. Another ace in the hole is having the professional guidance of StartingPoint Realty!
StartingPoint Realty – dedicated to first-time Chicago home buyers!
StartingPoint Realty provides complete education and guidance to first-time home buyers throughout Chicago and the Northwest suburbs! Attend our free home buying seminar for an introduction to the home buying process. There’s never any sales pressure or obligation!
Check out our list of home buyer assistance programs on our website! You can also visit our Chicago Resource Center for neighborhood information and personalized assistance.
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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