Chicago real estate is in high demand. This, combined with limited inventory, makes it challenging for buyers to purchase homes and condos at affordable prices. But if you know how to look, it is possible to find deals in the city’s housing market. However, the location and type of property you choose will have an impact on your overall return.
A real estate agent can help you navigate the Chicago housing market and ensure that you’re buying a home at the right price. This means educating yourself about the area’s different neighborhoods, including their current and historical pricing trends. Then, you can make an informed decision about whether to buy or rent.
The housing market in Chicago varies significantly across its 234-square-miles. Prices in neighborhoods like Humboldt Park are much lower than those in the mansion-lined streets of Lincoln Park. This is because the city’s diverse economy supports a wide range of income levels. As a result, families of all sizes can find the right neighborhood for them.
Home prices have increased significantly in recent years, but not at the same rate as in other cities. This is because households at all income levels have been choosing to rent instead of buy, which has slowed the rise in home prices. Moreover, as inflation rises, mortgage rates will likely increase, making it more expensive to purchase a new home in the near future. This will discourage many potential buyers from taking the plunge.