Located along Lake Michigan, Chicago is a large city full of skyscrapers and entertainment. It is the third most populous city in the U.S. behind NYC and Los Angeles. An increase in households has recently caused a slight rise in median home and rental prices.
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Real Estate Market Trends in Chicago
Chicago median home price: $310,000
Median home prices in Chicago are almost $100,000 less than the national average. With just a 3.3% increase year-over-year, this is one of the lowest recent price increases compared to the 17.3% increase nationally. There is also a much higher supply in this market of 2.5 months, compared to the national average of just 1.1 months. The higher supply keeps the demand manageable, which keeps prices more steady.
Rental Market in Chicago
Chicago median rent: $1,842
Chicago rental vacancy: 6.3%
While the rental vacancy rate is the lowest it has been since early 2020, it is still higher than the national average of 5.8%. Median rental prices have increased by 12% since last year and are on an upward trend closing the gap on the national average price of $1,904.
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Current Real Estate Investments in Chicago
There are currently 224 multifamily and residential income properties for sale in Chicago listed on Loopnet.
The two most interesting multifamily properties for sale in Chicago right now are:
Damen Avenue Portfolio – A mix of multifamily and retail buildings, these 4 properties are offered at $25,975,000. Skyline views, on-site parking, and quality finishes are offered within these properties by Marcus $ Millichap.
5054 N Winthrop Ave – This newly renovated midrise includes 48 units for $6,750,000. Ideally located in uptown close to transit and entertainment, this building is also offered by Marcus & Millichap.
Market data source: Housing Tides
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