Do you want to purchase a property in Chicago this year and to live there for good? Before you make this big financial decision, explore the Chicago real estate trends and its market. It is a good idea to invest in property in Chicago? What to know before buying a real estate and before you move to Chicago for good? We know!
Chicago real estate trends in 2020
Generally speaking, buying a real estate in Chicago is a good financial decision, but there are so many other things you should know about.
- The average home price in Chicago is around $250,000 but prices will rise at the end of 2020. So, if you are sure about purchasing, hurry up, and grab your opportunity.
- The median price per square foot is $250, but if you are following the Chicago real estate trends, you will see that the price is changing every month, especially during the COVID-10 pandemic.
- If you want to rent a home, expect to pay about $1,750 per month for rent. But, if you are moving into a small apartment in a more affordable neighborhood, you can pay less.
- Despite coronavirus pandemic, Chicago real estate market is still strong and “hot”.
- More than 50% of residents here rent a home, so if you an investor, it may be a good idea to invest in rental properties here and make money out of it.
- On average, homes are on the market for about 86 days.
- Currently, there are more than 14000 homes for sale and about 15000 homes for rent in Chicago.
- The most expensive home in Chicago is listed for $45 million.
- One of the neighborhoods with the most expensive homes in Chicago is Lincoln Park, and one of the cheapest is Auburn Gresham.
Moving to Chicago
After finding a perfect home for you in Chicago, the next step is to prepare for relocation. Find your moving partner, a professional moving company, and move stress-free to your new Chicago home. One of these companies is nelsonwesterberg.com.
If you already have a home, then work on it to sell your house fast and to attract as many potential buyers as you can. Hire a good real estate agent you can trust and if it is needed, do some home repair that will increase home value.
Summary
By knowing current Chicago real estate trends you can make the right decision. Buying a property is a big step, especially if it is your first home. Buying/selling a property in the USA currently is a little bit difficult because of the coronavirus pandemic, but real estate agents are working online and you can book an online home tour.
