Chicago real estate market 2018
The rise in the Chicago real estate market continues to drive the demand in the residential market and multi-family developments. This outcome continues to attract buyers to Chicago’s core neighborhoods.
2017 was a year of uncertainty in many economic and political aspects influencing the real estate market. On one hand, 2017 saw a significant gain on the index of consumer sentiment. It closed out the year at a high of 98.2 with a steady decline in unemployment. This motivated more Americans to buy homes. On the other hand, the residential and commercial real estate markets have been more volatile for some cities than for others. Chicago, in particular, is an example of those cities where the recovery rate was slower than in other regions of the country.
However, things are far from bleak for Chicago. While the growth is steadily climbing, Chicago’s residential prices and sales are expected to increase throughout 2018. Moreover, the high-end residential market will continue its strong performance and plenty of demand for properties in desirable areas.
Market Reacts to New Leadership
Chicago real estate has seen a strong uptick in residential sales with properties that lingered on the market for most of 2017 currently selling quickly with the new regime. Mark Icuss of Conlon Real Estate says, “There was a distinct change in the market place the first week after the election. People just seemed to finally be ready to make decisions”. This continues to be the case.
Recovery from Recession
Ppricing and sales volume are expected to continue to rise throughout 2018 and will climb at a more rapid rate than 2017. Nationally, home prices and home sales are expected to rise according to the Chicago Home Partner Real Estate Roundup.
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