Quick quiz! Name a major U.S. city with global culture, world-class entertainment, a variety of industry, a vast waterfront, excellent public transportation and affordable housing! The answer is…Chicago! Yes, that’s right! While Chicago has big-city amenities and opportunities, home prices here are a fraction of what they are in other major metros.
A recent article in Forbes magazine named Chicago as the second most-affordable metro in the U.S. for home buyers. Albany, NY topped the list. Affordable cities rounding out the top five include San Antonio, TX, Jacksonville, FL and Riverside, CA.
The downside: Forbes defines “affordable cities” as markets that have a slower pace of home sales and a slower rate of price growth. In other words, home prices in Chicago aren’t necessarily getting cheaper. They’re just getting more expensive at a slower pace. As of April 2019, the median price of a Chicago home reached a new high of $310,000.
Home inventory has improved somewhat, but most of the inventory gains are in higher price ranges. When homes under $275,000 come on the market, they don’t last for long! So when you hear that “days on market” are growing longer, please keep in mind that your price range could be moving much faster than what these averages reflect.
The universal challenge of low inventory in affordable price ranges has been persistent. For this reason, first-time home buyers are likely to face gradually rising prices through the rest of the summer, if demand stays consistent. We can help you find affordable homes in Chicagoland – just tell us what you’re looking for!
StartingPoint Realty – serving first-time home buyers since 2004!
StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. Get an introduction to home buying by attending our free home buying seminar! There’s no sales pressure and no obligation. Space is limited, so please register your choice of location and date to reserve your seat!
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
Become a StartingPoint Realty Facebook Fan
Follow StartingPoint Realty on Twitter