Chicago residents looking for a new home may already have an idea of the section of the city or suburbs where they want to live. Often homebuyers look for certain areas within their price range because of the schools, proximity to transportation or other amenities that make living there convenient and enjoyable. Keeping an eye on residential real estate listings with such perks may prove frustrating to those who have a wish list that includes a location on the north side of the city.
The fluctuation of available real estate on the north side is puzzling to many analysts. Only a year ago, trend-watchers reported an abundance of available homes in the more elite neighborhoods. The abundance was considered newsworthy because of the shortage of more modestly priced homes throughout the rest of Chicago. Those who were looking to purchase a home had a difficult time finding suitable properties on the market.
The latest data, however, is showing available north side housing trending down. In fact, the inventory of residential property declined 25 percent since last summer. Despite this, analysts warn that it is not yet a seller’s market.
An additional change in the housing trends from last year is the length of time it takes for a house to sell. Last summer, a typical single family home was on the market about 134 days before it sold. This year, houses remain listed for 219 days before a sale. Some analysts believe this is one reason why there are fewer homes on the market — sellers are deciding to wait before listing their homes rather than live in a listed home for eight months or longer.
Regardless of whether one is selling or buying a home, residential real estate transactions often contain complex elements that can lead to frustration or even discouragement. This is why many who consider listing their homes or starting the process to purchase one engage a professional for assistance. The guidance of an experienced real estate attorney provides an advantage to many in Chicago.
Source: chicagonow.com, “Single Family Home Inventory Plummets On Chicago’s North Side“, Guy Lucido, Sept. 21, 2017