Chicago Housing Market Update- Downtown Real Estate News from Anne Rossley, Baird & Warner-Jan 2021

Описание: Interested in knowing about prices in Chicago? How has Covid affected real estate sales in downtown Chicago? How are sales in the Loop/Near North vs West Town, Lincoln Park and beyond? What are interest rates going to look like this year? What price appreciation can we expect? Is now a good time to buy?

All these questions are examined in this month's Chicago Housing Market Update.

00:00 Start
00:07 The market area- Downtown Chicago-lakefront neighborhoods: Loop, Near North (River North, Streeterville, Gold Coast), Lincoln Park, West Town, Lakeview, Uptown, Edgewater, Rodgers Park, Roscoe Village/North Center, Avondale, Lincoln Square, Logan Square, Bucktown, Wicker Park, Ukrainian Village, South Loop
00:27 # Homes for Sale in Chicago by month
01:10 # of Homes that have gone under contract (both condos and single family homes
01:41 # of Homes Closed by Month - 2017 to today
02:20 Median Sales Price- has gone up! $420 and over - good increase since the low of 2011, 2012
02:48 Median Price Per Square Foot - $292- gradual increase since low of $211 in 2012
03:35 Months Supply of Homes for Sale - We experienced a seller's market up until second half of 2020, but with the inventory declining, it's under 6 months again, so it's once again a SELLERS market in general
04:20 Looking at Loop and Near North vs Lincoln Park and West Town, you can see inventories in the city center are HIGH - a BUYERS market, while in West Town and Lincoln Park, it's a SELLERS market, with inventories under 4 months. That's the case with outlying neighborhoods, too.
05:39 Where are interest rates headed? A bit higher, but not much
06:08 What does this do to monthly payments? If your $300K mortgage increases (NAR says 5.7% this year) and if rates rise to 3.4%, then you'll see almost a $200 increase in monthly payments.

Conclusion:
There's very little inventory (except in the Loop/Near North)
It's a sellers market everywhere but those 2 neighborhoods
Rates are low - money is cheap!
It's a great time to buy real estate!

Contact Anne Rossley for more information about how YOU can capitalize on this fantastic Chicago real estate market! 773-620-5333 [email protected]

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With 25+ years of real estate experience selling in downtown Chicago, Anne Rossley is the go-to advisor for corporate executives moving in and out of the city, empty-nesters transitioning to the city and anyone just trying to find their perfect fit in Chicago. Selling each of Chicago’s vast housing options, Anne understands the nuances of historic properties, luxury single-family homes, and lakefront condos/co-ops. She is an industry gem with her sharp sense of humor and low-pressure approach that is always coupled with a splash of sophistication and a little spunk. NOTE: Anne focuses on city business and will happily refer you to the best resource in collar counties/suburbs if this isn't a perfect fit. Make Anne your first call!