Those who bet against America’s biggest cities 2 years ago when the pandemic hit are looking rather foolish right now. New York City rents have surged to all-time highs of $4,000 a month while home sales have rebounded in every major city. In Chicago, both luxury apartments and luxury sales remain red hot despite the […]
The Illinois Association of Realtors is out with the April data and the market remains strong despite rising rates. In Chicago, home sales (single-family and condominiums) in April 2022 totaled 3,181 homes sold, down 5.3 percent from April 2021 sales of 3,360 homes. The median price of a home in the city of Chicago in […]
The Illinois Association of Realtors is out with the March data. As we already know from Gary’s data, March sales did finally show a year-over-year decline, but last March was the hottest March of the last 25 years with the exception of 2006. That means March 2022 was the third hottest March since 1997. From […]
February sales remained red hot in Chicago as inventory continued to be at multi-year lows. Only 2005 was hotter for sales over the last 25 years. From the Illinois Association of Realtors: In Chicago, home sales (single-family and condominiums) in February 2022 totaled 1,879 homes sold, up 13.3 percent from February 2021 sales of 1,658 […]
We already knew from Gary’s blog that January was going to be another strong month. (Thanks for all the great info Gary.) You can read his blog here. Chicago’s housing market remains red hot with sales still rising and inventory falling. There’s no doubt, it’s a seller’s market. From the Illinois Association of Realtors: In […]
The Illinois Association of Realtors is out with the December 2021 market update. As we already know from Gary’s posts on this blog, it was another strong month. From the IAR: In the city of Chicago, home sales (single-family and condominiums) in December 2021 totaled 2,392 homes sold, up 5.5 percent from December 2020 sales […]
We’ve chattered about Bronzeville during the pandemic as there has been a surge of new construction in the neighborhood. Crain’s covers what is happening in that neighborhood. The couple bought one of the 28 new-construction houses or townhouses sold in Bronzeville in 2021. That’s the largest number of new houses or townhouses sold in any […]
The Illinois Association of Realtors is out with the November sales data. It was another red hot month for the city which actually outshone the Chicago Metro area for the first time since the pandemic began. In the city of Chicago, home sales (single-family and condominiums) in November 2021 totaled 2,338 homes sold, up 15.9 […]
In 2020, when the pandemic hit, thousands moved out of downtown Chicago, leaving apartment buildings with their lowest occupancy rate in decades. Some buildings offered up to 4 months free rent to lure renters back. Apparently, it worked. Those deals are long gone now. According to Integra Realty Resources, downtown apartment occupancy rates jumped to […]
The pandemic is bringing a lot of work/life changes, including work-from-home. Downtown Chicago, especially the Loop, has historically been dominated by commercial office buildings and retail, but over the past 30 years there’s been a push to move residential into the neighborhood. In the 1990s, old commercial buildings were converted into condos or apartments, but […]