Chicago Real Estate Market Holding Steady
After huge drop off in February, home values show steady growth. Chicago, Illinois – Since March of this year, the real estate market in Chicago continues to see steady growth. Home values have continued to rise and September shows the highest levels of home values since January of this year. On the flip side however, homes are listed longer in Chicago—almost 14% longer than they have been over previous months. This suggests that while home values are growing, there is less demand in the market for real estate.
“There are a lot of factors that could contribute to that,” says Shaun Norton President of Real Property Management Chicago Edge, “We look at a lot of different factors that could signal a bit more stagnant demand and right now, we don’t see anything that says demand will outstrip inventory over the next six months. If anything, demand should increase as inventory gets smaller.”
In addition to the slow, but steady growth in home values, Chicago continues to be significantly cheaper overall than nearby Chicago and other communities. Even with the big city feel and the growing market, savvy home buyers and rental property owners are snatching up houses left and right to make the most out of this current market.
“For real estate investors especially, even if you’re new to the game, now is an excellent time to purchase a rental property,” said Shaun Norton. “We strongly encourage those that are buying a rental to rent out, have a property management company in Chicago handle the day-to-day. It saves time, money and best of all, headaches. Not to mention you’ll get the most out of your property in the long run.”
Real estate in Chicago continues to be a good investment for buyers and investors alike. There is inventory, it’s relatively inexpensive and the potential return is high and climbing.