Categorized | Residential, Resources

Chicago Real Estate Market Trends

Chicago Real Estate Market Trends
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The home prices are low in Chicago but the sale price is up as the inventory of unsold housing projects is going to be cleared. How much this trend will affect the investments made by the lenders and borrowers who are searching to buy or sell new property in the coming few years at Chicago?

According to the famous association of realtors called Illinois, the rise in the prices of home sale was noticed up to 71.6 percent in the end of November 2009. However, the Standard & Poor’s/Case-Shiller index discusses the fall in median home prices at Chicago as 10.1%. This index is presenting a mix picture of health and recovery in Chicago‚Äôs real estate market which is not considering as a fix ratio for doing bigger investments.

However, the index figure of real estate market of Chicago can be compared with the year-to-year index ratio. It means that the ratio of index of six months of this year is easy to compare with the six month ratio of the previous year. The sale of existing home in Chicago has been noticed a bit lower this year and sellers are waiting for the prices that can be compared with the price which was noticed in housing bubble.

The city is now focusing condo developments which have been entered in the real estate market of Chicago with new properties. To avoid the risk of foreclosure, thousands of homes were listed as short sales. All of these factors are considered as the main reason of downfall in the prices of real estate home market.

 

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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