August 12 2009

Homes for Sale - Chicago Market Conditions July 2009

by brook

Many market-watchers gauge their impression of national conditions by noting the figures in major cities. If the numbers in Chicago - a city that never fails to grasp the attention of the business community - is any indicator, things may indeed be looking up. How so? Take, for instance, the impressive levels by which the inventory has fallen in the Windy City. Sitting at around 18-months right now, inventory of Chicago Metro Area homes is still lower than the inventory in many suburban areas. How can we interpret this? As a sign that people are buying in Chicago!

And there’s more good news: On July 27th, a plugged-in Chicago real estate blog listed the average home price as $270,012; this is a notable decrease from the average of $287,737, reported just one week before. For a home in Chicago - or any metropolitan area, for that matter - this is something for buyers to get enthused about!          

 

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