Chicago real estate values have been reaching new heights. Property values continued to rise from last spring up until now, and they remain strong even though there are some predictions that the market may cool down for a little while due to rising interest ratest that would be triggered by inflation.
With this, the big question is “What happens now?” The answer to this may not be straightforward, but several factors such as the effect of the COVID 19 pandemic on the market have contributed an air of uncertainly. But even so, the possibility of values dropping considerably may be unlikely, as experts have predicted that the prices and the sales in the Chicago area are going to remain above 2020 numbers.
DATA COMPARISON OF PRICES
It was reported on September 6, that in Chicago, the median price in December 2020, was up to $307, 500. This is about 11.4 percent above the December 2019 median price of $276,000. And on top of that, at the end of the year, the median price even went up to $316,000, which is 7.1 percent above the 2019 median year-end price of $295,000.
Chicago is an area that has a low cost of living. They have a large inventory level of housing and even have high affordability as there are also a large number of tenants. If you think about buying properties as investments, then the time is now to make this excellent choice. The market is hot, that’s how you know when to strike!
Given that you have no other financial or personal reasons not to buy investment properties, then this is the sign that it’s a great time for you to buy! However, make sure that you do your research and look into the available properties to buy and invest in. The sales prices and these interest rates being low may be giving you too much excitement that you may just impulsively purchase without thinking properly.
With this, I will list down Chicago’s best and finest neighborhoods that will surely have you contacting leasing agent chicago. The areas listed below are created by their amenities per capita, the quality of life, the crime rate, and high school graduation rate:
- Near North Side
- Lincoln Park
- Lake View
- Near South Side
- West Town
- North Center
- Edison Park
- Lincoln Square
- Near West Side