The Spring Market has Moved into the Summer
In Chicago, sales are brisk as the Spring market was pushed into summer as a result of Covid. Every neighborhood is different, but we are seeing quick sales of homes that are updated and priced well. This is especially true of condos under $500,000. There just isn’t enough supply for the demand, an issue which persist with new listings and closed sales for June 2020 still way behind June 2019. This is holding prices up, with single digit gains in most areas. Lakeview condos are especially hot, with median sales prices up 23% from June 2019.
In the suburbs, there is a huge interest in home buying from buyers fleeing the city. This especially true for starter homes more reasonable priced in areas with good schools like Glenview, which saw a 15% increase in the median sales price from June 2019 to June 2020. Overall, in the northern cook county suburbs there was about a 3% increase in median sales price.
As you might imagine, interest level in starter homes in the burbs is peaking also.
If you are buying a home, you need a plan and a targeted approach. It starts with a highly focused search, a specific timeline, and clear financing goal. Then of course, the best buyer agent in Chicagoland to bring it home! We will help you in the city or the suburbs, contact us to set up a free Zoom meeting to discuss your goals.