Chicago Real Estate Market Trends for August 2016

Being a homeowner means that your home is yours – even the things that need fixing. Is a faucet leaking? Are floor boards squeaky? Is a light-switch not working? Those issues are all yours to tackle. But what projects can you do yourself and what ones require the help of a trained professional? Taking on projects yourself can save you time and money. But taking on the wrong projects can lead to unending amounts of stress or end up costing you more money than if you had hired someone in the first place. NAR’s consumer website, HouseLogic.com, lets you know which projects need a seasoned hand and a beginner can undertake.

Take a look at how many families decided to become homeowners in our local market in August…

Chicago Real Estate Market Trends for August 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 August 2016 decreased by 10.43% compared to August 2015. The average selling price in decreased by 3.45% to $787,003 and the average market time decreased by 3 days or 4.28%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2016

206

$787,003

97%

67

August 2015

230

$815,161

97%

70


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in August 2016 increased by 2.33% for the month when compared to August 2015. The average selling price decreased 0.50% to $402,536 and the average market time dropped 7 days or 11.29%. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2016

1,490

$402,536

98%

55

August 2015

1,456

$404,587

98%

62


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in August 2016 remained the same when compared to Augsut 2015. The average selling price decreased 0.18% to $562,237 and the average market time increased by 16 days or 23.8%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2016

128

$562,237

98%

51

August 2015

128

$563,252

97%

67


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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