The Chicago area’s real estate market continues to grow, making it a sought-after spot for prospective real estate investors who are seeking out a profitable property. In fact, the most recent growth spurt was rather unexpected, according to analysts.
According to figures released by the Illinois Association of Realtors, sales of existing homes topped 13,100 in June 2015. This marks the highest number of home sales since June 2006, which saw 13,193 home sales in the nine counties that comprise the Chicago metro region.
June’s home sale figures represent a 14.2% growth over June 2014’s real estate market figures.
In addition to a healthy number of existing home sales, Chicago also saw an increase in housing prices, which is good news for real estate investors who currently own properties in the area. It’s not-so-good news for prospective investors, although the market’s trajectory continues to be headed upwards, so analysts tend to agree that it’s still a good time to buy.
June 2015 saw a median Chicago area home price of $232,500. This represents a 5.7% increase over the median home price of one year ago in June 2014. The city of Chicago saw an increase in home prices of more than 9%, with the median price reaching $290,000. Just 12 months ago, the median price in the city was $275,000 – 5.5% lower.
Chicago condos are seeing a slower growth rate. Condominiums in Chicago saw a median sale price of $324,000, representing a 4.5% jump over the prior year. The number of available condos is actually much lower — 10% lower than last year’s figures.
When it comes to finding a profitable investment property, acting soon is key to maximizing your returns. As with any investment, it’s best to buy low and sell high, so in the case of a growing real estate market, the sooner you acquire the property, the better.
If you’re a real estate investor who’s in search of profitable investment opportunities, take a few minutes to complete our investor’s form so Teele Enterprises can get to know more about your goals and objectives. Greg Teele can work with you to help you find the ideal property.
Conversely, if you’re seeking to sell your home, take a few minutes to complete our distressed property form. Then, contact Teele Enterprises, Inc. by calling 224.343.6890.