Are you looking to purchase your next home in what is arguably the most famous Midwestern metropolis - Chicago? If so, you're in luck! 

In a report on the market conditions in Chicago for July 2009, we noted that the levels of inventory for Chicago real estate had fallen enough to indicate that people are buying in the Windy City. Well, it’s a new month, and while inventory is strong…so are sales!

In fact, as you’ll see below, there were no substantial changes recorded month-over-month. In other words, the market is strong! Here are the stats for Chicago real estate market conditions August 2009:

Inventory
Homes for Sale: 17,410
New Homes: 5
Foreclosures: 20,826 

Median Price
Homes for Sale: $295,000
New Homes: $950,000
Foreclosures: $214,400

Month-Over-Month Change
No changes recorded from the previous month.

If the large gap in the medians of the overall homes and brand new homes is alarming, keep in mind: Much of Chicago’s new home inventory is made up of condos and high-rise units – even penthouses. If you have your heart set on a new home for sale in Chicago, there are plenty of single family home options in the city’s outlying suburbs. Of course, if the attached product homes are within your budget – well, go for it! There are a number of attractive, exciting options for Chicago luxury home buyers. No matter which type of Chicago home is your preference, now’s a good time to buy in the Windy City.