While looking at sales data as I write my market outlook for the latest issue of “Maximizing Equity” I noticed that there have been more house sales in the past 30 days in Cook County in the $650K to $700K price range than in the $600K to $650K price range or even the $550K to $600K price range. Typically, higher price ranges have fewer sales than lower price ranges since there are less people who can afford more expensive homes.
28 houses sold in the $650K to $700K range as compared to only 18 in the $600K to $650K range and 25 in the $550K to $600K range. Only 5 of the 28 homes were in the city. Wilmette had the most sales of any suburb with 3. 4 of the 28 sales were short sales or foreclosures.
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{ 2 comments… read them below or add one }
So in that price range do you get more house in Chicago or Wilmette?
Hi John,
It depends where you buy in Chicago, but in most areas of the city you get more house in that price range than you do in Wilmette. You’ll also typically pay less in property taxes in Chicago than in Wilmette.
One of the trade-offs is that you get highly rated schools in Wilmette. It’s also a beautiful, quiet area. I helped a couple buy a house in the $700K to $750K price range in Wilmette last fall and they love it there even though they don’t have children.