Real Estate Market

In The Loop: Real Estate Chicago Style

July 2014 Market Update

Billionaire money manager and founder of The Paulson & Co, John Paulson believes buying a home to live in is the best investment possible.

July 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in July 2014 decreased 16% for the month compared to July 2013. The average selling price increased by 14% to $799,034 and the average market time decreased by 25 days. Homes sold for 97% of the listed price.

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

July 2014

228

$799,034

97%

52

July 2013

266

$700,685

97%

77

 

Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in July 2014 decreased by 4.4% for the month when compared to July 2013. The average selling price increased 5.9% to $401,763 and the average market time decreased by 6 days. Homes sold for 98% of the listed price.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

July 2014

1,467

$401,763

98%

54

July 2013

1,536

$379,062

98%

60

 

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in July 2014 increased by less than 1% from July 2013. The average selling price increased 19% from July 2013 prices, and the average market time decreased by 88 days. Homes sold for 99% of the listed price.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

July 2014

115

$483,975

99%

43

July 2013

114

$404,051

99%

131

 

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State Of the Market

  • house coinsHome prices are strong in the Chicago area with sales below last year.  
  • Determined buyers are taking a shorter amount of time to make a purchase and driving higher median prices.  
  • Buyers looking for their ideal home are seeing fewer on the market, as the inventory shortage continued into July.
  • Families and individuals who buy now have access to historically low interest rates.
  • For those thinking about selling, interest rates have dropped to historic lows – so it’s a great time to look for a home that will meet their family’s long-term needs.

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Contact Information

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ChicagoCityHomes
RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
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