Chicago Real Estate Market Update September 2019

Posted by Andreas Holder on Thursday, November 7th, 2019 at 12:18pm.

September 2019 Residential Real Estate Updates for Chicago Neighborhoods

10 East Delaware Pl 

For buyers who have been planning to invest in real estate in the US, Chicago currently offers the best opportunities. Here are some facts to remember: 

  • Chicago has the third largest gross metropolitan product in the United States. The city has also been rated as having the most balanced economy in the United States. This is due in large part to its high level of diversification.
  • According to World Business Chicago, the city's metro area is home to more than 400 major corporate headquarters, including 31 Fortune 500 headquarters and 300 corporate R&D facilities. Some of the most well known are Boeing, Walgreens and McDonald's.
  • Today the city is known as the fourth most important business center in the world. 

Let's keep these facts in context when we discuss the challenges of today's real estate market in the Windy City.

Why invest here?

Chicago real estate has been rated as one of the world's most undervalued market. With property value decreasing by sometimes double percentage points in the past year, this statement is truer than ever today! While in the recent past, Chicago has lost a small percentage of its population, the city's stunning skyline is cluttered with dozens of cranes atop new skyscrapers being erected. There is a continuous building boom taking place here, creating an incredible amount of commerce and positively affecting the real estate market. On the other hand,  interest rates are at a near-historic low. These facts create conditions that make Chicago the perfect city to invest in real estate right now. 

Let's take a closer look at the recent market trends in some Chicago Neighborhoods. 

Gold Coast, Streeterville, River North

In September, new listings increased and closed sales decreased, further extending the trend of the market favoring buyers vs sellers. This had a continuous negative effect on prices, which fell by 8% for condos and more than 70% for houses compared to a year ago. The number of available homes increased by 4%, further making the market more attractive for buyers. 

Click here for the market stats. 

Lincoln Park

New listings and sales for condos saw a substantial increase in September over the same period last year. However the market for houses further softened with a decrease in both new listings and closed sales. This had a further negative effect on house prices, which fell by 9% compared with September 2018. The inventory of available homes increased by 7%, creating favorable conditions for buyers. 

Click here for the market report

Lake View

In September, there were fewer listings and closed sales of houses but listings of condominium units increased, while sales stayed flat from a year ago. This caused an increased in inventory, which is good news for buyers. 

See the stats here

Edgewater

New listings of houses and condos increased in September over a year ago, while closed sales in both categories decreased. As a result, time on market increased, creating favorable conditions for buyers of houses and condos.

Click here for the report

Lincoln Square

New listings for houses were up in September over a year ago, and closed sales were down. This caused priced to decrease and time on market to increase, creating favorable conditions for buyers. New listings for condos decreased, while closed sales increased, creating higher prices and lower time on market. The market seems to be shifting from houses to condos in this area. 

See the details here

Logan Square

For single family homes, new listings were up in September and closed sales were down, similar to other areas. This caused a drop in the median sales price of houses compared to a year ago. The market for condos seems to be cooling as well, both new listings and closed sales were lower than a year ago. 

Click here for the report

The Loop

Contrary to the residential areas in the city, the condo market in the Loop saw more activity than a year ago. While new listings were slightly down, the number if closed sales increased. However, the median sales price decreased and time in market increased, indicating a shift to a market favoring buyers. 

Click here for details

Near South Side

There were no sales of single family homes in this area in September. Activity in the condo market was down as well with less active listings and sales. Median sales price fell compared to a year ago. This area is shifting more into a rental market with more new construction rental buildings opening. 

Read the sales stats here

Near West Side

In September, there were only two sales of single family homes but 97 sales of condos. This was an increase compared to September last year of 9%. Even so, Median price dropped and time on market increased. creating more favorable conditions for buyers. 

Read the report here

West Town

New listings and closed sales for single family homes decreased from a year ago. Median sales prices also decreased and market time increased. These conditions are favorable to buyers. For condos, new listings and sales increased and median sales price also increased compared to a year ago. The market seems to be more active for condos due to an increased number of new construction developments in the area. 

Read the report here

 

 

 

 

 

 

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

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