While the rental market in Chicago doesn't appear to be cooling down anytime soon, the good news is that buyers are still able to get a pretty solid deal on a home or condo in the area. According to sales data compiled by OpenHouse, the majority of home sales in the last 30 days in Chicago have been below asking price. Of the nearly 2,500 homes sold in Chicago in the last 30 days, 479 received more than the ask, 643 sold for the asking price, and 1,373 sold under the listing price.
The numbers suggest that Chicago is not experiencing the same type of hyper-appreciation that cities like New York, San Francisco and Los Angeles are seeing, but it doesn't mean that buyers are going to score deals in every Chicago neighborhood. According to Crain's, the Logan Square and greater West Town area are some of the most competitive markets in Chicago. The news isn't a complete shocker considering that the markets in Wicker Park and Logan Square have been on the rise for the last several years.
The data from OpenHouse also shows that the median listing price is rising while the number of days homes spend on the market is declining sharply. During the cold winter months, many homes spent upwards of three and a half months on the market, while homes are now only spending about 71 days on the market. Buyers who were willing the brave the cold winter months were also able to get the best deals as the median sale price in Chicago floated around the $250,000 range. Today the median nearly $325,000.
- Real Estate Market Trends Report [OpenHouse]
- Chicago area's fastest home sales: West Town, Logan Square [Crain's]