2019 has been a year of adjustments for many people who own real estate in Chicago. We've seen tax increases as high as 40% in some neighborhoods on the north side, prices have leveled off and inventory is on the rise in buildings and neighborhoods across the city.
Although we are now in a more balanced market in Chicago, mid-priced homes and condos with reasonable HOA fees continue to trade quickly when priced correctly, especially if the owners have invested in the key areas (kitchens, bathrooms, paint, and flooring).
So what does this mean for you? There is no need for panic. Chicago, despite its challenges continues to draw in major employers particularly in the tech industry which is driving demand for housing in and around the cities core. The media has been pushing a narrative about the population decline in Chicago, but that outflow is mostly concentrated in the far south neighborhoods.
We continue to view this environment now as an excellent time to buy in some great neighborhoods, especially if you happen to be looking to trade up into the luxury market where homes priced over $1,000,000 are selling at a steeper discount. We are also seeing some fantastic opportunities to buy in the $650k - $850 price range.
Our team is now settled into our new home at Compass in River North, and we are thrilled with the resources they provide which we can now extend to our clients. This newsletter we hope will be a quick and informative way for us to stay in touch with you, and we are looking forward to sharing our insights and answering any questions that may come up along the way.
Cheers to a successful Holiday Season- Be safe, have fun, and Happy Halloween!