Buying a Chicago home isn’t getting any cheaper, according to the latest market data from HousingWire and the Illinois Association of Realtors®. Tight home inventory continues to pressure home prices, and the conditions are likely to hold for months to come. Here’s a look at the numbers!
The Chicago Metropolitan Area saw home prices jump 12% in February 2017 compared to a year ago, with the median home price reaching $210,000. “Median” means half of the homes sold for more than this amount, and half sold for less.
As of March 2017, the median home price climbed higher to $234,000, which is a 10.4% jump compared to the same month a year ago.
Mild weather, strong consumer confidence, and maybe the Cubs World Series win brought out home buyers in droves during March. Here’s a sampling of how home sales activity stacked up:
- City of Chicago: + 17.7%
- Cook County: + 11.8%
- McHenry County: + 33.4%
- Lake County: + 9.5%
- DuPage: + 17.9%
Believe it or not, first-time home buyers can compete just as well as any other buyers in this market. Property investors are still active, but as home prices rise, we’re seeing fewer all-cash offers, which evens the playing field a bit. And home buyers who are currently home owners have the complication of selling their existing home while trying to find somewhere else to go in a lean, fast-moving market. (It can be done, but that’s an entire topic of its own!)
If you plan on buying a home this year, now is the time to brush up on your home-buying know-how, and obtain your mortgage pre-approval! StartingPoint Realty is here to help you!
StartingPoint Realty – dedicated to first-time Chicago home buyers!
StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. We provide complete education and guidance during the entire home buying process! Attend a free home buying seminar to begin your path to home ownership!
We also provide many other resources to help you become a successful home buyer! Need down payment assistance? Check out our list of home buyer assistance programs on our website! You can also visit our Chicago Resource Center for in-person, no-pressure information and 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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