With 2015 now almost a distant memory, let’s pause for a moment to reflect on what our housing market did. this is excerpted from my 2015 Recap, hitting the mail next week. If you’d like a copy mailed to your home, please email us: firstname.lastname@example.org.
Back to the recap! Chicago saw gains in the number of homes sold and average sales prices in all categories (condos/townhomes, single family, 2-4 units, land) in 2015, though the home appreciation was slower than in 2014. Condos grew just 2.8%, the lowest year-over-year gain since the recession, while single family homes grew 6.6%. Multi-units grew 8.8% while the average price of land city-wide decreased 6.29%.
For the 2nd straight year, we had a slower fall market: longer market times, more homes for sale and seemingly well-priced inventory sitting. If you’re a seller, I strongly encourage you to list your home between now and June to achieve the best results. The rising interest rates should motivate fence-sitting buyers to finally jump into the market this spring. Below you’ll see the trend reports on the total sales history over the past 5 years for our various property types.