Real Estate Market Trends

Ten years ago there were 3X more homes for sale in Chicago!

How has the real estate market in Chicago changed over the past ten years?

Some statistics have changed dramatically, but surprisingly, some factors are very close to where they were 10 years ago.

The most dramatic change in the market has been the inventory of homes for sale. In January of 2008 there were over 15,000 single-family attached homes and over 8,000 single-family detached homes for sale in Chicago. In September 2018 homes for sale hovered at around 6,000 and 4,000, respectively, a downward trend that has become the 'new normal' since 2009.

Chicago's Jefferson Park Neighborhood Real Estate Update

Each of Chicago's 77 neighborhoods has it's own flavor. Jefferson Park, on the Northwest Side, is known for being a family-friendly community and a popular residential area for Chicago's fire fighters, police officers and school teachers. With the North Branch Trail, Sauganash Trail, nearby golf courses and an abundance of parks and green space, Jefferson Park mixes a suburban feel with a city touch.

The Jefferson Park Metro station makes it convenient to get anywhere in the city, and access is quick and easy to the airport and suburbs as well. The neighborhood also has locally-owned shops and restaurants that are supported by community residents.

The median price for homes in Jefferson Park hovers around $285,000, with single-family detached homes at $337,500, and condos and townhomes at $141,000.

Chicago Housing Market Update

Although we've heard some chatter about a possible housing bubble, it's too early to predict a change from the current situation in Chicago, and most other areas of the country, which is higher prices and lower inventory.

Wages have been increasing, but not at the same pace as home prices, and the mortgage interest rates have risen several times this past year. This situation potentially leads to affordability issues that can cause fewer sales at lower prices, in spite of the fact that demand is still outpacing the supply of available homes.

Here's what the housing market looked like in the City of Chicago from January through July 2018, compared to the same period last year.