Chicago, Illinois, is a big player when it comes to live theater, comedy, big business and sports. Over the last few years, the Chicago real estate market has seen a resurgence, and with the economy continuing to gain strength, this is as good a time as any to look at homes for sale in Chicago, IL. If you're ready to get blown away by the Windy City, use Movoto Real Estate to help you in your search for the right home.
Source:mjgarch.com
Living in Chicago means choosing between the North Side and South Side. Single-family houses on the North Side tend to be more valuable, and in some neighborhoods, such as those in the Lincoln Park area, home values reach more than $1 million. If you decide to live on the North Side, there are condos available that are less expensive than single-family houses. Chicago's condos for sale, such as this corner one-bedroom with remarkable city views, are an excellent option if you're a young professional who is either just starting a family or doesn't have kids yet, especially in the Loop where the median home value is $215,000.
The South Side historically has been a gritty, working-class area, but in recent years, its homes have gained value thanks to gentrification. Plenty of neighborhoods are ideal for the middle class, such as Bridgeport, Beverly or Hyde Park, where median home values reach about $300,000. If your income is more modest, try homes in Pullman or Kenwood, such as this two-bedroom townhome with a fireplace and garage. Median home values in these neighborhoods are no more than around $153,000.
Source:en.wikipedia.org
After the median price of homes for sale in Chicago dropped to $140,000 in early 2012 from a high of $280,000 in 2007, positive real estate market trends started to emerge. A few months later, Chicago real estate prices rose to $200,000, then to about $240,000 in mid-2013. During the second half of 2015, median prices have hovered around $240,000 to $270,000.
With the city's unemployment rate at five and a half percent as of October 2015, more people feel financially stable enough to purchase homes. In the last year, the number of home sales hit its highest level since just before the Great Recession. Developers also have added plenty of new condo developments since the year 2000. With financial stability causing a shift in attitude toward home ownership, more people in different age groups prefer to own a condo than a house and would rather live in an urban center than in the suburbs. This combination of attitude and rising demand in condos near Chicago's downtown district could lead to rising condo prices and values.
Source:yochicago.com
Every year, median housing prices and cost-per-square-foot figures rise during the late spring and summer, peak in early autumn and drop afterward. The seasonal variance in housing prices is no more than about $50,000, but it can make a difference for your pocketbook. Consider buying a house during the winter and moving in around March when temperatures start to rise.
For help navigating through all your options when it comes to Chicago real estate, someone on Movoto's list of local agents can answer your questions about what could be your new Chicago, Illinois, home.
