Real Estate in Chicago Continues to Boom

Based on a sluggish economy and a large supply of available properties, economists expected real estate in Chicago to move at a slower pace in the fourth quarter of 2004 and into the first quarter of 2005.

To the Contrary…Real Estate in Chicago

A search of local records in Chicago, Illinois shows that 6,300 new homes were sold in 2004, an 80% increase in sales over the previous year.

The bulk of those sales came in the fourth quarter, which is traditionally a slow sales period for real estate in Chicago.

Since the New Year, residential real estate in Chicago, IL hasn’t skipped a beat in sales, contributing to new national home sales records and surpassing those set in the 1980’s.

Realty experts are citing the popularity of condos converted from apartment high rises as well as an influx of new first time buyers as major influences in this growth.

Chicago continues to attract a diverse group of buyers, including empty nesters and those looking to upgrade after selling their current home.

Sales of real estate in Chicago were led by the sale of condos, which enjoyed a 3.4% increase over last year. The demands within this segment also led to an increase of just Real estate in the Chicago area saw a slight drop-off in single family home sales, with a nearly 5% drop from the previous year. This drop in market share is attributed to the desire for the condo lifestyle. For those of you who think that this lack of interest in single family homes has brought about a drop in price, think again. You’ll find that the price for a single family home in Chicago rose almost 10%, placing the median price at $279,000.

If you’re interested in buying property in the Chicago real estate market, whether you prefer the city or a location in the suburbs, call or email your realty agent now so that you can begin your search of available properties.

By: Paul Gorney

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