The median sale price for a condo in the city of Chicago rose to $285,000 in January, 13 percent higher than the year before.
The median sale price for a single family home also rose to $163,275, an increase of 8.9 percent over the previous year.
Part of that increase, of course, is being driven by the ever-decreasing inventory level in the area.
For more, head over to DNAinfo here.
First time homebuyers continue to struggle to partake in the real estate market, according to a report from RealtyTrac.
The share of home purchases made with low down payments/no down payments fell to just 25 percent in 2014, they found. RealtyTrac extrapolates from that data that since many first time buyers opt for such loans they are participating in reducing numbers.
That's probably true for the majority, but many first time homebuyers may also be opting for higher down payment loans to compete in the tight market.
For the report, head here.
And if you wonder why rents have climbed over the last few years, the simple law of supply and demand may be the easy answer.
Chicago Agent Magazine reports that in 2014 more Chicagoans lived in rentals than in property that they owned. That's up from 46 percent in 2006.
The report, from the NYU Furman Center, notes that this is part of a larger trend nationally away from home ownership and into rental status. Chicago's renter population is up 12 percent in the last seven years and construction of rental units is up 10 percent. This dovetails with the decline in ownership units of 13 percent.
For more, head here.
And in case you missed it, we also reported this week on a fact that compliments the story above, according to a new report, buyers must make at least $54,346 annually to afford a home in the city.
The study, issued by HSH.com assumes a 20 percent down payment and puts the median sale price of a home in the city at about $195,000 - translating into a monthly principal and interest payment of $1,286.
For more, head to DNAinfo here.
