If you’re a Chicago home buyer, this market is déjà vu all over again. There are relatively few homes for sale and home prices are rising. Chicago’s June home inventory was 24.8% lower than June 2022, with new listings down about one-third from a year ago.
As of June 2023, the median list price for a Chicago home was $359,000. This is 2.6% higher than June 2022, and follows the 3.8% annualized increase reported in May 2023.
According to data from CoreLogic, Chicagoland’s home price growth is second only to Miami, where prices soared 11.8%. Houston home price growth was third-highest at 3.1%.
Higher prices are not stopping Chicago home buyers. On average, Chicago homes are going under contract after 31 days on market. Home sales are still brisk, though the pace of sales is slightly slower than a year ago.
Do renters have it easier? Not really! Realtor.com shows the median rent for a Chicago apartment standing at $2,300 a month. In contrast, the average monthly mortgage payment in the Chicago area was $1,581.00 as of June 2023.
Granted, some of these mortgages were obtained when rates were lower, but therein lies the advantage of home ownership. With a fixed-rate mortgage, your principal and interest payment is set for the life of your mortgage. Controlling your housing cost is the best defense against inflation!
Frustrated by the market? Don’t give up. Get help instead! Contact StartingPoint Realty and work with Chicago home buying experts!
StartingPoint Realty – helping home buyers since 2004!
StartingPoint Realty proudly serves home buyers throughout the entire Chicago area. Get an introduction to home buying by attending our free home buying seminar! There’s no sales pressure and no obligation. We can also refer you to top mortgage lenders in Chicagoland – just ask!
Always feel welcome to contact us with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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