New Homes.org Report Details the Current Chicago Real Estate Market

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Tuesday, April 17th 2012
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A new market report from Homes.org highlights the latest activity in the Chicago real estate market. The report includes information on current trends and expert insight on what buyers and sellers can expect to find in the months to come based upon recent sales in the Chicago area.

(PRWEB) April 17, 2012

The newest Homes.org report features information on the latest activity and trends in the Chicago real estate market. Based on recent sales figures and the expert opinions from various industry professionals, it appears that more Chicago home buyers are entering the market. However, many homeowners should carefully consider whether it's the right time to sell.

One of the main draws in the Chicago real estate market is the low prices as well as mortgage interest rates that are hovering slightly above 4.0%. The median sales price was down overall by 6.7% compared to February 2011. But the increase in sales is helping to create lower inventory levels which could help bring prices back up. Chicago real estate agents have been especially busy selling condos.

The next few months will be crucial for the Chicago real estate market as far as home values are concerned. One thing is for certain, buyers are motivated in the windy city.

Chicago Real Estate Market Latest Information and Statistics

Counties: Cook and Dupage

Zip Codes in the City: 60601-60626, 60628-60634, 60636-60641, 60643-60647, 60649, 60651-60657, 60659-60661, 60663-60665, 60667-60675, 60677-60681, 60683-60685, 60687, 60690, 60691, 60693, 60694, 60697, 60699, 60701

Population (City): 2,695,598

Population (Metro): 9,461,105

Total Households(2006-2010): 1,033,022

Median Value Owner Occupied Housing (2006-2010): $269,200

February 2012 Median Sale Price for Single-family Homes in Chicago: $113,450

February 2012 Median Sale Price for Condos in Chicago: $165,000

February 2012 Single-family Home Sales in Chicago: 624

February 2012 Condo Sales in Chicago: 607

Foreclosures (Cook County): 80,672

Foreclosures (Dupage County): 10,886

Renters vs. Owners (2006-2010): 52.2% vs 47.8%

Type of Home:
36% Single Family
38% Condo
26% Other

Popular Chicago Neighborhoods Seeing Improvement in Sales

  •     East Hyde Park
  •     Grand Crossing
  •     Margate Park
  •     Park Manor

To learn more about the Chicago real estate or search for licensed real estate agents in Chicago, IL, please visit: Homes.org

About Homes.org

Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.

About Star Nine Ventures®

Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebchicago-real-estate/real-estate-market-update/prweb9402623.htm