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Chicagoland Real Estate Market Trends in November 2019

The Chicagoland real estate market has been somewhat sluggish in 2019. For the month of October 2019, the median home prices (the midpoint price of all the homes sold in Chicago) were lower compared to the same period in 2018. The number of homes sold is slightly down as well.

In this article, we will look at some of the key trends in the Chicagoland real estate market. We’ll also compare the Chicago market to some of the best suburban Chicago markets, and also take a look at the highest performing neighborhoods within Chicago.

Chicago Real Estate Trends in November 2019

According to Property Up, a leading Chicagoland real estate agency that releases Chicago market data each month, the market is currently balanced in Chicago, meaning that it favors both buyers and sellers.

There are currently 15,130 homes on the Chicago real estate market, and based on their data, Property Up estimates it would take 7.04 months to sell all of those homes. Both condos and single-family homes sold faster in September (39 days on the market) when compared to October 2019 (42 plus days on the market).

There are a couple of indicators to suggest that the market has slowed slightly when compared to the same time in 2018.

In October 2018, 1,973 homes sold in the city of Chicago. This year in October, 1,858 homes sold in the market, around 5.8 percent less than the previous year. The number of active homes for sale in the market also went up compared to October 2018, going from 14,805 in 2018 to 15,130 in October 2019, potentially suggesting that there is less activity in the market.

There are a couple of external factors that could also be playing a role in the slowdown within the Chicago market. Property taxes within Cook County have been unpredictable recently, with some people facing a 60 percent increase over the previous year in 2019. People might also be worried about the state of the local economy in Chicago. Although the economy is robust overall, Illinois’ economic growth has been slower compared to many other states.

These uncertainties might cause hesitation in buyers when they are considering Chicago as their new home, which could have an effect on the housing market. But let’s take a look at how some of the suburban markets, some of which are outside the Cook County, are performing compared to Chicago.

How does the Chicago market compare to the suburbs in November 2019?

Just like the various neighborhoods within Chicago differ when it comes to favorability to buyers and sellers, the suburban real estate markets also vary widely in their performance.

Some of the best performing suburbs close to the city are Franklin Park, Villa Park, Glendale Heights, and Round Lake Beach.

Franklin Park Real Estate Market

In Franklin Park, there were 72 homes for sale in the market at the beginning of November 2019, and Property Up estimates, it would take approximately 3.71 months for all of those homes to be sold.

In October 2019, 17 homes sold in Franklin Park, slowing down slightly in comparison to October 2018, when sellers were able to sell 20 homes. However, the median sold price increased from $223K to $224K.

Round Lake Beach Real Estate Market

In Round Lake Beach, there were 122 homes for sale in the market at the beginning of November 2019, and Property Up estimates, it would take approximately 4.15 months for all of those homes to be sold.

In October 2019, 25 homes sold in Round Lake Beach, slowing down slightly in comparison to October 2018, when sellers were able to sell 33 homes. However, the median sold price increased from $151K to $160K.

Glendale Heights Real Estate Market

In Glendale Heights, there were 159 homes for sale in the market at the beginning of November 2019, and Property Up estimates, it would take approximately 4.32 months for all of those homes to be sold.

In October 2019, 26 homes sold in Glendale Heights, slowing down slightly in comparison to October 2018, when sellers were able to sell 40 homes. However, the median sold price increased from $185K to $199K.

Villa Park Real Estate Market

In Villa Park, there were 108 homes for sale in the market at the beginning of November 2019, and it is estimated that it would take approximately 4.09 months for all of those homes to be sold.

In October 2019, 22 homes sold in Villa Park, slowing down in comparison to October 2018, when sellers were able to sell 35 homes. Median sold price also decreased from $242K to $241K.

As we can see, even the best performing suburbs of Chicago had a slight slowdown in market activity compared to 2018. However, a good sign for the sellers in these suburbs is that median sold prices have increased slightly since last year (except Villa Park, where it dipped somewhat).

Some of the suburbs where the market is considerably slower are Winnetka, Humboldt Park, Glenview, Park Ridge, and Elmhurst.

What are some of the best performing neighborhoods within Chicago?

Within the city of Chicago there are a few neighborhoods that are outperforming the rest. So, for people that are looking to buy a home in Chicago, here are some of the markets that have recently had the highest real estate market activity compared to the other neighborhoods in the city.

Lawn and West Eldson, two south side neighborhoods in Chicago have fared better than others.

Lawn, Chicago neighborhood market

At the beginning of November 2019, there were 98 homes for sale in the Lawn neighborhood in Chicago. It will take approximately 4.39 months to sell all those homes in Lawn, according to an analysis by Property Up.

The number of homes sold in October 2019 was 14.down from 20 in October 2018. Also, the median sold price of homes decreased from $149K in 2018 to $138K in 2019, during the month of October.

West Eldson neighborhood market

At the beginning of November 2019, there were 40 homes for sale in the West Eldson neighborhood in Chicago. It will take approximately 4.25 months to sell all those homes in West Eldson, according to an analysis by Property Up.

The number of homes sold in October 2019 was 14.down from 9 in October 2018. Also, the median sold price of homes decreased from $209K in 2018 to $194K in 2019, during the month of October.

Logan Square neighborhood market

For those looking to be closer to the heart of the action in Chicago, Logan Square might be the best bet when it comes to the real estate market. While Logan Square is affected by the slowdown overall, the area still performs better than most of the other “hot” neighborhods in the city.

At the beginning of November 2019, there were 399 homes for sale in the Logan Square neighborhood in Chicago. It will take approximately 5.6 months to sell all those homes in Logan Square, according to an analysis by Property Up.

The number of homes sold in October 2019 was 59.down from 52 in October 2018. Also, the median sold price of homes decreased from $542K in 2018 to $533K in 2019, during the month of October.

 

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