Home ownership rates in Chicago have declined to a low not seen since 1999, according to the latest numbers from the U. S. Census Bureau.
The home ownership rate in Chicago is now 63.9 percent after the recent fourth quarter 2015 data following two years of steady decline. The rate fell from 64.4 percent the previous quarter and reflects the broader shift under way since the housing market crash...
Thinking of making a move to the 'burbs? Each month we take a look at the numbers to see which suburbs and city neighborhoods were top-sellers and here's where you'll find the most competition if you head out of the city.
Last year Naperville took the crown as the top-seller, with a total of 2,537 home sales. The other two usual suspects, Aurora and Plainfield, took second and third place with 2,413 and 1,686 sales respectively...
It looks like an exciting new project will be moving forward at Chicago's mothballed Old Main Post Office.
The landmark Art Deco building has attracted a variety of plans ever since it was purchased by British Developer Bill Davies but this week they unveiled a new plan for 1,500 apartments and a new tower addition that will be led by Chicago architecture firm Antunovich Assocaties...
Real estate sales rebounded in 2015 with the country seeing the most home sales in 9 years.
Sales of existing homes climbed 14.7 percent in December to an annual rate of 5.46 million, according to the National Association of REALTORS®. This reflects a rebound from the introduction of new mortgage rules instituted late last year.
Americans bought about 5.26 million homes last year, a 6.5 percent increase over 2014 with a median sale price increase of 6...
At last week's Chicago Plan Commission meeting an addition to the historic Bush Temple of Music was officially unveiled.
The developer, Cedar St. Companies, will be putting a 15-story addition that would add 129 units of micro apartments to the Bush Temple's 100 units. The project will also have a large retail component.
Read more at Curbed Chicago here .
Cedar Street is also planning another project for the near North Side ...
Last week we covered the fastest-selling city neighborhoods so it's only fair to give a nod to the fastest-selling suburban communities this week.
For 2015, the fastest-selling suburb was Buffalo Grove, with an average of 91 days on the market and a total of 783 transactions.
Following close behind in second and third are Norridge, with 94 days and 179 transactions and Mount Prospect with 95 days on the market and 744 total sales...
There was much concern last month when the Federal Reserve raised interest rates that it would drive up mortgage rates. Prospective buyers were concerned that they missed all-time low rates.
As it turns out, that hasn't materialized. Since the rate increase, 30-year mortgage rates have actually dropped below 4 percent and published reports suggest that experts believe they'll stay below 4.25 percent in 2016.
Read more here...
According to the latest data, it's slim pickings for buyers in the Chicago market, as inventory in the month of January hit a new low.
The Chicago Association of REALTORS® says that there were a total of 7,694 houses, condos and townhouses on the market as of January 2, a 16.6 percent decline from the same time a year ago when the total inventory was 9,222. What this means for buyers is that homes are snapped up quickly when they do come to market...
The latest numbers are in on the fastest-selling neighborhoods in the city for the month of December, 2015. The top-selling neighborhood was the Loop with a total of 59 sales and an average of 90 days on the market. Following right behind was the Near West Side with 75 sales and 91 days on the market. In third was North Center with 93 days on the market and 36 total sales. For more, head over to Chicago Agent Magazine here .
The latest numbers are in and these are the top luxury housing markets (those with the most $1 million-plus sales) in Chicago from December of 2015. Topping the list was Lincoln Park with 28 sales over $1 million and an average sale price in that bracket of $2,468.156. Number two is the Near North Side with 25 sales and an average of $1,959,920. Number three is West Town, with 10 sales and an average of $1,502,187...
Prolific Chicago Developer Jay Michael has passed away after a long battle with cancer. He was 34. Michael was one of the partners at Cedar Street, a development company that has specialized in the rehabilitation of many classic Chicago buildings into micro-apartments. One of their most famous projects currently underway is the rehab of the Bush Temple of Music on Chicago Avenue in the Gold Coast. Michael was also a very active developer in the Uptown neighborhood...
The latest addition to the Chicago skyline, a 509-unit residential tower on Wolf Point, will be officially opening later this month.
The 48-story tower will be one of a trio that are planned for the site just east of the Merchandise Mart. The first move-ins are scheduled for this up-coming Monday. Designed by bKL Architecture, Wold Point is a collaboration from the AFL-CIO Building Investment Trust, Hines and Magellan Development Group...
Home prices continued their steady growth in November, according to the latest figures from CoreLogic. In Illinois, prices increased 2.4 percent, the same as the growth rate in Chicago. The growth rate is on pace with the national trends and another sign of a healthy market...
A recent study concludes that the city of Chicago is a relatively affordable option for Millennials looking to buy their first house. Conducted by SmartAssets, the study compared the median net worth and income of the typical Millennial to come up with a down payment and then correlated square footage that could be purchased conventionally. The news for Chicago was that Millennials' first houses could be around 1,000 square feet...
Construction is underway on the latest addition to the Near North Side. Long-time community staple City Farm will be replaced this year by 1200 N. Clybourn, a seven-story building that will include 32 market rate units, 26 affordable units and 26 public housing units with 17,000 square feet of ground floor retail. The $39 million project is a partnership between the city, Brinshore Development and Michaels Development Company. Read more at Curbed Chicago here .
New data from RealtyTrac shows that Chicago's "zombie foreclosures" are down substantially in the second quarter on 2015. The total number of "zombies", that is, houses that are vacant but where foreclosure proceedings are not yet completed, fell 28 percent. The total number of such properties in the metro area is now 7,168. Chicago was joined by Atlanta, Dallas, Miami and Phoenix in the decline. For more, head over to Crain's here .
Urban Real Estate's managing broker and Chicago Association of REALTORS® president, Matt Farrell, recently spoke with Crain's Chicago Business regarding Chicago-area home sales decline through the month of July. Although home sales appear to be down, average days on the market have decreased 16% in comparison to the same time table in 2013. The market has also seen a steady increase in price throughout Chicagoland...
Managing partner and president of the Chicago Association of REALTORS®, Matt Farrell, recently spoke with Crain's Chicago Business regarding the good and the bad of this year's real estate market thus far. Matt discussed varying aspects of the current market including the restrictive lack of inventory, stating "losing a bidding war mans you don't get your first-choice house...
Managing broker and president of the Chicago Association of REALTORS®, Matt Farrell, recently sat down with WGN to discuss the rebounding housing market in the Chicagoland area . Matt went on to say that there's, "an upswing in prices with about a 25% increase in the median price since last year. Also, condo sales which stalled during the height of the recession are doing well. Our average days on the market is lower than it has ever been, even during the condo boom.”
It's not as bad as it sounds. Managing Broker, and president of the Chicago Association of REALTORS® Matt Farrell recently sat down with the Chicago Tribune to discuss Chicago-area home sales and their third consecutive month on the decline. "It's a good market, it's just a frustrating market," said Matt Farrell . "It's frustrating for buyers because there is limited inventory. They find themselves in bidding wars which isn’t good for anyone...
