Chicago Real Estate Update
Weekly Market Insights with Anne Rossley
March 25, 2024
UPDATE March 25, 2024
This week, for Chicago single-family homes in the lakefront communities (Lincoln Park, Lakeview, Uptown, North Center, Logan Square, West Town, Near West Side, Loop, South Loop):
342 are active on the market,
72 have closed this month,
and the average sales price was $1.282M.
Attached properties (condos, co-ops, townhomes):
3433 around the market,
660 have closed in March so far, and
the average sales price is $514.500.
Weekly activity year to date:
Closed listings are down over the last week: 1782 vs. 2312
However, over the last 5 weeks, when looking at listings under contract — they are up each week, most recently : 3202 vs. 2902.
And by the way, this is for all of the Midwest real estate data, not just the downtown lakefront communities.
New listings — higher than 2023 in four out of the last five weeks. so we’re on a positive trend.
Mortgage rates: Freddie Mac, 6.87% average interest rates. That’s down a little bit, and this has resulted in a 7.1% increase in loan applications on a seasonally adjusted basis.
Rent prices, oh my heavens!
Costs for rental properties are up 13% up in the last month, up 26% year over year. And actually, if you look at the different number of bedrooms, it’s up even higher. Two bedrooms are up 41% year over year.
So if you’re thinking about buying, it might be a great time to jump into the water.
I’m Anne Rossley with Baird & Warner. Please reach out and let’s talk about what’s best for your situation.
Have a great week. See you next time!
For Everything Chicago, Ask Anne…
📩 anne.rossley@bairdwarner.com
📞 773-620-5333
🌐 annerossley.com
