The latest data from the Chicago Association of Realtors reveals a tightening of the city’s housing market, with inventory levels down and new listings dwindling.
Despite these challenges, there has been a notable rebound in home sales.
“Chicagoans want to buy a home,” stated Erika Villegas, the association’s president.
She emphasized the desire among residents to upgrade and move, highlighting a troubling disconnect.
“Unfortunately, we don’t have the inventory needed to be able to fulfill all the needs that our city has,” she added.
According to the report, the inventory of homes for sale dropped to 4,243 units in June, reflecting a 13.8% decrease compared to the previous year.
In contrast, sales for the month increased by 2.9% when compared to June 2024.
Adding to the upward trend, home prices also experienced a significant rise.
The median sales price in Chicago reached $400,000 in June, which is a 5.8% increase year-over-year.
The previous month, the median sales price was recorded at $390,000.
Villegas explained this trend as a direct result of supply and demand dynamics.
“It’s really just supply and demand,” she stated.
She elaborated that a scarcity of listings prompts buyers to be more willing to pay higher prices for available properties.
For example, if five homes were available on one block, the market dynamics would be quite different.
A significant reason for low inventory seems to stem from potential sellers’ uncertainty regarding their next steps.
Villegas noted that many homeowners might feel reluctant to list their properties because of concerns about finding new homes in the current market conditions.
“We have buyers probably lined up to sell their home,” she mentioned, “But then where are they going to go and buy a home if it doesn’t exist in the market today?
So I think that also is hindering the amount of listings that come to the market.”
In light of these circumstances, the Sun-Times explored available listings near the median sales price of $400,000.
Here are five notable properties currently on the market, as reported by Redfin:
Firstly, located in the Loop, 1101 S. State St., No. 407 is listed at $400,000.
This 1,200-square-foot condo features two bedrooms and two bathrooms.
Built in 2005, it boasts dual primary suites, custom built-ins, in-unit laundry, and a spacious 500-square-foot private patio.
Additionally, the rehabbed kitchen includes granite countertops and a custom backsplash.
Building amenities comprise a 24-hour doorman, pool, gardens, and a gym available for an extra fee.
Tandem deeded garage parking is available for an additional $39,000, and the building is well-funded with $4.2 million in reserves.
Next, there’s 3253 W. Palmer St., No. 301 in Logan Square, also priced at $400,000.
This top-floor, 1,100-square-foot corner unit includes two bedrooms and two baths.
Its updated eat-in kitchen, in-unit laundry, and notable architectural features such as hardwood floors and crown molding make it attractive.
Moreover, there is shared access to a garage rooftop deck and an exterior parking space.
The property has historical significance, over 100 years old, although its exact age remains unspecified.
Moving to Lincoln Park, 345 W. Fullerton Parkway, No. 1706 also lists for $400,000.
This corner unit measures 1,100 square feet and provides two bedrooms and two baths.
It features floor-to-ceiling windows, quartz countertops, and stainless steel appliances in the kitchen.
The primary bedroom suite offers a walk-in closet, and residents enjoy amenities such as a sun deck and gym.
Garage parking options include both self-park and valet services.
The unit was last sold in 2023 for $412,000, indicating strong market interest.
Another noteworthy listing is located at 21 E. Walton Place, Unit 10B in Streeterville, priced at $400,000.
This spacious condo spans 1,400 square feet and includes three bedrooms and two baths.
It recently underwent $65,000 in upgrades, with possibilities for returning an open third bedroom back to its original form.
Building amenities include a furnished roof deck, bike room, and on-site maintenance.
Lastly, situated in Austin, 4831 W. Walton St. offers an impressive five-bedroom, two-bath home for $400,000.
This fully renovated brick bungalow spans 1,734 square feet and features a separate dining room, a bonus family room, and modern updates throughout.
Homeowners will appreciate the renovations that include new plumbing, electric systems, and exterior improvements.
Overall, the current housing market in Chicago represents both opportunities and challenges for buyers and sellers alike.
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