Rent Real EstateChicago West Side Areas Show Mixed Housing Sales Results, Say Local Realtors
Rising prices have slowed demand for the West side of Chicago, Illinois, say local Realtors, but the neighborhoods continue to be popular destinations for homebuyers because of spectacular Lake Michigan.
Northside
"Northside of Chicago from the Lake to Western Avenue, there is a lot of inventory," says Realtor Chris A. Ford. "Buyers are taking more time to choose and are being more selective in what they decide to put an offer on. Buyers are looking for everything they want in a home and are taking the time to look for it and not feeling pressured to buy right away, and days on market are increasing. Properties that are priced right and show well are selling."
Downtown
Yet, demand for housing stays strong, suggests Realtor Michael Lee. "Chicago real estate has remained strong throughout the fall and we have experienced a continued increase in home prices. The median single-family home price has jumped 7.1 percent over August last year to $197,800. The average Illinois price hit $225,000, up 6.1 percent from the year-ago period. Statewide condominium sales, meanwhile, rose 9.4 percent, as the median condo price increased 5.6 percent to $191,700, according to the ChicagoBusiness.com. As we head into fall, condo prices in the downtown area continue to appreciate and drive much of the appreciation seen throughout the state."
Southwest
"Home prices in The South West Section of Chicago which include the neighborhoods of West Lawn, Garfield Ridge, Clearing and Mount Green Wood have risen dramatically," says Realtor Mike Duffin. "Demand has slightly slowed since Labor Day.This could cause buyers to submit lower offers and homes to stay on the market longer, while the supply of homes for sale is limited. Thus the laws of supply and demand have contributed to an increase in value."
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