Chicago Property Values Surge in April 2024

The Chicago real estate market is experiencing steady growth, with property values and the average sale price increasing. Despite the number of sales decreasing, the market remains active and healthy.

authorWritten by Manuel MartinezMay 21, 2024

The real estate market in Chicago has been showing robust growth, with an increase in the average value of properties. By April 2024, the average value stands at $324,900, highlighting a positive trend that has been unfolding over the last few months. The average sale price in Chicago has grown to $296,508, up from $274,477 in February 2024. This rise is considerable and attests to the market’s strong performance during this period.

Prices per square foot has from $30, from $220 in January 2024 to $250 by April 2024. It’s clear that properties are not only valued higher, but buyers are willing to pay more per square footage, indicating robust demand in the Chicago market.

Here is how the market is trending: May 2023, compared to April 2024

May 2023 April 2024 Change
Median Listing Price $320.8K $296.5K -7.56%
Median Sold Price $292K $296.5K 1.54%
Homes For Sale 1,261 1,160 -8.01%
Homes Sold 16,360 16,009 -2.15%

Although the market demonstrates a healthy appetite in terms of value growth, the number of sold homes has somewhat declined, slipping from 17,909 in January 2024 to 16,009 in April 2024.

Real Estate Market Trends in Nearby Cities

Next, let’s look at nearby cities Cicero, Berwyn, Hometown, Evergreen Park, and Burbank, the real estate trends vary. Price per square foot figures also vary, with some cities recording increases, while others see decreases over the months:

  • Cicero has seen its average property value increase to $245,495. Cicero’s average sale price per square foot stands at $207, an increase which signals a healthy market.
  • Berwyn’s average property value experienced a downturn. Despite a decrease in average value, still enjoys a sizable average sale price per square foot of $216, hinting at favorable market conditions.

Market Data Insights

The overall market data in Chicago indicates a strong average sale price of $290,074 across six months. Properties on the market hold an average value of $310,572, reinforcing the notion that Chicago’s real estate is highly sought after.

Interestingly, the average value for Chicago foreclosures at $240,467 is notably lower than the non-distressed market average, assuring investors and bargain hunters that opportunities for value purchases still exist within the marketplace. Pre-foreclosures and auction properties continue to hold lower average values, aligning with the common trends seen in distressed properties.

The comprehensive trending data reveals a robust and healthy Chicago real estate market as of April 2024, marked by general growth in property values. This promising trend, coupled with a well-performing price per square foot metric, reflects a market that’s appealing for both current homeowners looking to sell and prospective buyers aiming to invest. Despite a decline in the volume of property sales, the consistent rise in average value and sale price confirms that the Chicago real estate market remains buoyant and productive.

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