Chicagoans are a tough crowd. After all, it takes a hardened crew to be able to weather a Chicago winter that rivals its nickname as the Windy City.
But while many neighborhoods are starting to bounce back after the recession, some are still licking their wounds and attempting to make the best of those foreclosed homes on their streets and owner-turned-rental units in their buildings.
A look back at 2013 shows that Chicago is still struggling to regain what it lost, but it’s getting closer and the sellers now have a slight edge over the buyers—due mainly to low inventory.
From Bust to Boom Again
“The residential real estate market in Chicago has seen an upswing in the last few years,” says Vidya Anderson, a broker associate/realtor with Baird & Warner on the Gold Coast. “Transactions, whether buying or selling, are moving at breakneck speed due to several factors, including low inventory—and buyers are looking to purchase before mortgage interest rates continue to rise. Multiple offer situations have become commonplace, which puts sellers in the position of having buyers compete for their property.”
The statistics reflected Anderson’s observations. November 2013’s median list prices showed a 7 percent increase over the home prices for the same month in 2012, while the median age of inventory decreased 11 percent compared with last year’s levels, according to real estate market data and statistics compiled by Realtor.com.