Chicago- the city of famous architecture, renowned museums, and some of America’s most classic sports teams. People who live in Chicago or the surrounding areas are loyal to The Second City, and proud to call it home.
While those who grew up in the area are familiar with its charm, in recent years, more and more people are flocking to the city and the surrounding areas, also swooned by its excitement. As more people come to the city the real estate market is impacted.
Here are five interesting facts about Chicago’s current real estate market:
Consistent Increase in Prices
Over the years, the prices of Chicago real estate has seen a consistent increase in both the city and surrounding suburbs. Even as more and more properties are developed, the demand remains high which contributes to the continuous increase. Many people are encouraged by this consistent increase, and are investing in property now before the prices go any higher to help ensure a positive investment.
Buying is More Affordable Than Renting
Another reason that many are buying real estate right now is it is significantly more affordable to buy than to rent. It is no secret that it is pretty pricey to rent in the Chicagoland area. While renting may provide the appearance that you are able to avoid the maintenance and homeowner fees, the truth is, those fees are looped into your rent. You are just paying this into someone else’s equity. If you move forward to purchase a home rather than rent, you will likely spend significantly less in the span of the year than you would to rent the same space.
Even with these higher price points, Chicago and the surrounding areas continue to grow in population. Because of this continued growth, developers continue to add new home options to the market which not only provides more options for those looking to buy, but also helps to keep the costs lower even as demand increases.
Consistent Decrease in Foreclosures
While the Chicago area is experiencing a growth in market, it is seeing a decrease in foreclosures. The foreclosure percentage in Chicago tends to be higher than the national average, due to demand and prices, however, it has seen steady decline over the years indicating better overall economic growth in the area.
Contact a real estate attorney at Gurney Law Group to learn how we can help you in your next real estate transaction in the Chicago area. Gurney Law Group is a law firm committed to your transaction from start to finish, and beyond.