The inventory of listed Chicago apartments for sale continues to drop.* There were 10,261 apartments for sale in Chicago in the fourth quarter down 31.7% from fourth quarter 2011 when there were 15,021 apartments for sale. The inventory of Chicago apartments for sale is down over 53% from fourth quarter 2009.
The median sale price rose 16% to $215,000. The number of closed sales was up 38%. The average days on market for pending sales was down 23%. Pending sales were up 33%.
WHAT THIS MEANS FOR CHICAGO APARTMENT BUYERS
The buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring apartments. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO APARTMENT SELLERS
Don’t expect that you’ll get more for your apartment now. It’s not a sellers market yet. As always, if your apartment is priced right when it goes on market, it will sell in a reasonable amount of time.
CHICAGO APARTMENTS FOR SALE
Click below to see the Chicago apartments for sale in your desired price range. You can narrow the results by internal and external features.
|$3M & Above||$2M to $3M||$1.5M to $2M||$1M to $1.5M|
|$900K to $1M||$800K to $900K||$700K to $800K||$600K to $700K|
|$500K to $600K||$400K to $500K||$300K to $400K||$200K to $300K|
SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS
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* includes condos, co-ops & other forms of ownership