Chicago Real Estate Is Favoring The Buyer

Chicago, also referred to as The Windy City, is known for the Chicago Bears, deep dish pizza, politics and the Sears Tower. With almost three million citizens, the city is the 3rd largest in the United States.  Chicago real estate is a very competitive market, as there is real estate to be found to fit anyone’s budget. The market here presently favors the buyer, as the listing and sales rates have somewhat dropped. However, unemployment has decreased, so the Chicago market is unpredictable.

Chicago has an association called the Chicago Association of Realtors, and it has over 16,000 members. Most of the properties located here average between $165,000 and $825,000. However, there are properties that are less expensive, and there are properties which are more costly. The average sale price for a home in Chicago is roughly $382,000, and the median sales price is about $217,000. The average time for someone to reside in the downtown area of Chicago is 3-5 years. The city has a much higher number of homes for sale than there are of homes that are sold. Many individuals in Chicago are single; therefore, there is a demand for purchasing smaller homes.

This metropolitan area is made up of several different neighborhoods. One of the most popular areas of the city to purchase real estate is in the Lakeside region, which is the North Side of Chicago and is close to where the Chicago Cubs play. Logan Square is also a booming area because of the abundant supply of restaurants and shopping opportunities. If you need easy access to the bus and train services to downtown Chicago, Oak Park is a good place to purchase your place.

If you prefer the southern portion of the city, Englewood is a budding area where there are lots of parks and historical sites. If you prefer the suburbs, Skokie is considered to be a wonderful place to live; it's near the Chicago Loop and is a convenient and nice location. Other popular neighborhoods include Lincoln Park, DePaul and Avalon Park.

It's the time to purchase real estate in Chicago, as more people are getting the chance to own a home. Chicago is a spectacular city located on Lake Michigan that will offer you a fast paced city with laid back friendliness. You can find real estate in Chicago which will be perfect for you and give you the future that you deserve.