Chicago Real Estate Update: Fall 2019
Over the summer months, we saw the Chicago housing market continue to grow more competitive, and in combination with low mortgage interest rates, the environment has been perfect for anyone looking to buy. If you’re looking to buy in the fall months, you might be wondering what the market is projected to look like. It’s anticipated that mortgage rates will still be relatively low, although a slow increase could be seen.
As far as the housing market goes, the real estate market in Chicago continues to grow more competitive. We’ve seen an increase in median home sales of around $5,000 from last year, and the average cost per square foot has also increased. Homes on the market are receiving at least one offer and selling within 85 days.
With that said, fall 2019 looks to be a promising season for anyone who wants to sell, and if you’re looking to buy, the sooner you do so the better.