Corcoran Urban Real Estate
 

More Choices For High End Buyers and Renters

More Choices For High End Buyers and Renters In recent days we've twice referenced the dearth of sales inventory and how it's driving prices upward and making it difficult for many who want to buy a home.

Now more numbers are showing that "relief" is coming to the market or at least to a segment of it: the very high end.

In 2014 there were more sales of new homes priced about $400,000 than there were of those priced $199,999 and below, the first time that's ever happened and a 180-degree shift from the market in 2004 when sales of the lower-priced homes were twice those of the above-$400,000 set.

And now new research from the NYU Furman Center shows that about 54 percent of new construction rental units in Chicago are priced for upper income residents with about 40 percent for middle income residents and just 6 percent for those in the lower income bracket.

Choices for the top-tier are going to continue to proliferate in both the buying and renting side while the middle and lower income brackets are likely to see still fiercer competition.

Read more on sales data here and the Furman report here.