HUD Articles

The Chicago real estate market is hotter than ever, with prices skyrocketing due to inventory shortages and the high cost of new construction. As The Real Deal reports, even buyers with medium-incomes often lose in bidding wars in less expensive areas like Garfield Park and Humboldt Park, and are more likely to stay in rentals.

Inventory is down to historically low levels, pushing year-over-year prices higher. Median home values in Chicago have increased by nearly 9% throughout the nine-county region, with bidding wars the norm in many popular neighborhoods.

Key Market Stats:

Zillow Home Value Index (ZHVI) for Chicago is $301,745 through November 2021.

Home values in Chicago increased by 8.6% last year.

Over the last five years home values in Chicago increased by over 34%.

Median listing price of a single-family home in Chicago is $329,900 based on the most recent report from Realtor.com (November 2021).

Median list price per square foot for a home in Chicago is $242.

Days on market (median) is 63.

Median selling price of a single-family home in Chicago is $325,000.

Sale-to-list price ratio is 98.6%, meaning that homes in Chicago are selling for slightly less than the asking price on average.

Of the 78 neighborhoods in Chicago, the most expensive neighborhood to buy a home is Lincoln Park where the median listing price is $599,900.

Most affordable neighborhood in Chicago to buy a home is West Ridge where the median listing price is $175,000.

Article By: Jeff Rohde -- RoofStock

Link to Full Article: https://learn.roofstock.com/blog/chicago-real-estate-market