Home Sales, Prices Rise in Chicago Metro Area

Home prices continued an upward trend in 2017 in both the City of Chicago and the larger metro area.  Median home prices jumped 4.8% in the City and 5.6% in the market overall, according to the Illinois Association of REALTORS®. The number of homes sold in Chicago increased 1.8%, and was just slightly lower for the combined metro area at 1.2% for the entire year. An increase in both prices as well as the number of homes sold signals a healthy market with opportunities for both buyers and sellers.  

Homes Gain $2 Billion in Value, Chicago #5 Market in Nation

In a new study from the Urban Institute’s Housing Finance Policy Center, the Chicagoland metro area is the #3 city in which home owners could potentially save more money than if they were to rent. According to the study, a buyer with a median-income that purchases a median-priced home in the Chicagoland area with a 3.5 percent down payment, could save nearly 5.6 percent of their income by buying instead of renting.

How’s the Market – 1^st Quarter 2018

Taking an in-depth look at how the market is doing during the quarter, the market continues to show positive signs of increase! Homes are spending less time on the market and luxury sales are up. Berkshire Hathaway HomeServices KoenigRubloff Realty Group has the highest average sales price in Chicago, the North Shore, DuPage and Lake Counties, and also for new construction homes. To see the whole report, please click here.

A Winter Palate for Year-Round Décor 

As we officially enter the last full month of winter, color schemes for the season can be used all year-round! HGTV.com offers their favorite color combos for winter. Neutrals and greys continue to be popular, but for added boldness, deep pink and bright red are having a moment, with olive green also making the list as a more toned down complementary color.  To see all of the suggestions, please click here.

For the second time in a row, Chicago was ranked the best city for having it all through Time Out’s extensive City Life Index. We surveyed 15,000 people in 32 cities—from Austin to Hong Kong to Tel Aviv—and asked in-depth questions about sex, dining, neighborhoods, affordability, happiness and so much more. Each city was then scored across those facets to reveal the winner. It only makes sense that Chicago took the No. 1 spot.

It's a great time to make a move in the market with current rates.