We’re here to bring you a mid summer market update. As we’ve discussed before, while many other cities across the country saw a massive spike in home prices during the pandemic, Chicago saw the opposite and downtown prices unfortunately took a bit of a hit while other areas of the city remained relatively flat.
We anticipate this steadiness has proven we’re in it for the long haul. Those same cities that saw such a spike during the pandemic experienced significant falls when interest rates started to rise. Chicago, being less volatile, has shown a 4% year over year increase in home value for April and we anticipate that slow but steady trend to continue throughout the rest of the year and into 2024.
With the year over year numbers showing a slow increase, the month over month sale prices have seen a decrease for the past seven months (as of May) so buyers, there are still plenty of deals to be had and now is the time to buy. If you’re thinking of purchasing a property in downtown Chicago we are here to help. Whether you’re looking for a single family home in Lincoln Park or Lakeview, or perhaps Gold Coast luxury high rise living with hotel like amenities is more your speed – we got you covered, from start to finish!