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    2016 Chicago Mid-Year Market Report

    2016 is half over, and that means it’s time to look at our real estate market and how we are performing. Below, you’ll find a summary (by property type) of how homes have been faring. Most notable is the growth in our multi-family home market, with double digit growth in average sales price.

    While the overall picture painted by the media of Chicago is that things are extremely robust, not all signs point to that. The single family home appreciation rate is a little bit high and gives me concern on the overall market and whether or not we are heading towards a bubble. The condo appreciation, however, is much more modest city wide, and that helps to pull back our overall picture. That said, we are moving a little fast right now, and I’ll be watching our appreciation rates closely as the 2nd half of the year plays out.

    Single Family Homes

    Average Sales Price: $332,585

    8.2% Increase over 1st Half 2015

    Number of Units Sold: 5,374

    4.7% Increase over 1st Half 2015

    Condos & Townhomes

    Average Sales Price: $371,288

    1.79% Increase over 1st Half 2015

    Total Units Sold: 8,788

    3.79% Increase over 1st Half 2015

    2 to 4 Units

    Average Sales Price: $268,655

    13.78% Increase over 1st Half 2015

    Total Units Sold: 1,938

    2.9% Increase over 1st Half 2015