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What’s Hot and What’s Not in Chicago Real Estate?

What’s Hot and What’s Not in Chicago Real Estate?

house model and coins
A small house model and piles of coins at the background

Some housing market trends in the Chicago area remain strong, while others falter. The real estate market in the Chicagoland area has shown some slowing through 2019, however, it has not stopped entirely. Certain areas of the market continue to see significant movement.

Stability in the Market

Despite concerns over a possible recession and crime in the area, the Chicago housing market remains stable. With a population of over 2.7 million residents, a diverse economy, and a steady tourism stream, the area has historically been one of the most favorable real estate investment destinations; a trend predicted to continue. According to Chicago Magazine, buyers are incentivized by low mortgage rates and ample inventory.

Hot: Mid-Priced and Midsized Homes

Demand for mid-priced and midsized homes remains high, a trend expected to continue moving into 2020. The standing inventory of homes priced under $325,000 and of less than 3,000 square feet remains on the healthy side; boasting enough to feed approximately three months of sales given the market’s current pace.

Not: Larger, More Expensive Residences

The sale of larger, more expensive homes has slowed. Homes priced at over $325,000 are currently averaging more than 100 days on the market before selling. The standing inventory of homes priced over $325,000 is twice that of lower-priced homes. Likewise, the inventory of homes at more than 3,000 square feet are backlogged and taking as many as eight months to sell.

Hot: Million-Dollar West Loop Condos

Those looking for higher-end properties are increasingly investing in the condominium developments along formerly dilapidated areas along the West Loop. Selling for $1 million and up, the purchase of these properties has largely replaced those of other, larger properties.

Not: Short-term Rental Property Investments

Chicago is one of many cities to implement laws regulating short-term home rentals, which may lead to fewer people investing in properties in the area for that purpose. A recently established city ordinance makes long-distance real estate investment unfeasible.

Hot: The Suburbs

More and more millennial buyers are choosing to start households in the Chicago suburbs, boosting the housing market in the five outer-ring suburbs areas. Sales of homes in the Chicago suburbs priced at between $250,000 and $300,000 are up 15% as compared to last year. Experts suggest purchasing in these areas will remain a sensible investment choice for buyers going into 2020.

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