Are property values dropping in Chicago?
Home sales in Chicago last month totaled 2,293 compared to 2,919 homes sold the same time last year, resulting in a 21.4% decrease. This drop also occurred as the median sales price of homes went down 5.2%. The median sales price for August 2021 was $335,000, while the median price for last month was $317,500.
Is it a good time to buy a house in Chicago 2021?
Home prices: Chicago home prices increased by 5.9% from September 2021 to September 2022. The market: Chicago is still a strong seller’s market right now, but buyers have slightly more market power than they did a few months ago.
Is Illinois a buyers or sellers market?
Is it a buyer’s or seller’s market in Illinois? Currently, it is a seller’s market in Illinois. Properties are selling quickly and are being sold for more than asking.