A look at the Housing market in Chicago Illinois

Robie House designed by Frank Lloyd Wright 1909
Creative Commons License photo credit: mach3

Chicago, Illinois has the third largest population in the United States. It is the largest city in the state of Illinois. Chicago is known for many things, both good and not so good. The era of Al Capone, is associated with the city, powerhouse politics are a stable in the city. The mayor of the city has held the position for many years and his father held the position several years prior. Chicago is also the home town of the United States first African-American President: Barack Obama. Chicago is also a very green city. Many of the government buildings in the city have green roofs, a first for one of the largest cities in the nation. Oprah Winfrey films in Chicago and that has made the city a major draw for travelers world wide for over twenty years! The cities center is known as the Magnificent Mile and has world class shopping. However many don’t realize that Chicago also houses one of the most important financial houses in not only the nation, but the world. The diversity of the people and the landscape is widely known worldwide and a draw to home owners looking to feel comfortable. So how is the housing market doing in “The Windy City”, as many locals refer to it?

Chicago was hit hard by the burst in the housing bubble. This has produced a bumper crop of foreclosures and short sales. It is definitely a buyers market in Chicago. However, it is very hard for potential home buyers to get financing. This has created a rental market that has almost surpassed the housing market. The median home price is still around 700k. This has been a deterrent to new home buyers; many of whom don’t have the hefty down payment for the average home in Chicago. Condominiums sales are also taking a hard hit in the “Windy City?. The high rises condos in the downtown area are not moving very quickly. Again, this has been a catalyst for the rental market to grow and thrive. The city is gigantic to say the least and you will need a knowledgeable Realtor to help you navigate through the neighborhoods and school districts. Chicago is a friendly city and finding a home here is easier than ever. Just make sure your finances are in place and you should have no problem.