Chicago Real Estate Market Trends for July 2016

Chicago Real Estate Market Trends for July 2016

Fifty-two percent of home owners say now is a good time to sell in their neighborhood. This is up from 34 percent who said so last year, according to a survey conducted by the real estate brokerage Redfin.

What’s more, 58 percent of home owners believe sellers have more power than buyers in the market right now. Redfin researchers note this is nearly the highest level of seller confidence they’ve recorded.

Chicago Real Estate Market Trends for July 2016

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in July 2016 decreased by 6.56% compared to July 2015. The average selling price in decreased by 7.72% to $818,895 and the average market time increased by 1 day or 1.61%. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

July 2016

242

$818,895

98%

63

July 2015

259

$887,446

97%

62


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in July 2016 decreased by 13.6% for the month when compared to July 2015. The average selling price increased 4.42% to $425,085 and the average market time dropped 6 days or 10.0%. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

July 2016

1,476

$425,085

98%

54

July 2015

1,710

$407,078

98%

60


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in July 2016 remained the same when compared to July 2015. The average selling price increased 1.73% to $569,628 and the average market time increased by 9 days or 15.0%. Homes sold for 99% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

July 2016

123

$569,628

99%

69

July 2015

123

$559,924

97%

60


Curious about the value of your home? Get your home’s value here!

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

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