In addition to having incredible and noteworthy credentials attached to it, Chicago is also known for its robust economy, a booming real estate industry, and a hugely diverse population. These reasons make Chicago one of the most sought-after places to relocate to, not only in the United States but around the world. Let’s take a brief look at Chicago’s current real estate market.
The Housing Sector of Chicago in 2019
Since February of this year, the private housing market of Chicago has gotten quite competitive compared to previous years. Home prices are predicted to go up throughout 2019 and beyond, as well as a steady rise in rentals, as reported by Noroda.
Therefore, many expert Chicago realtors recommend home-buyers to strike a deal right now, as this is the best time to purchase private sector housing property in Chicago.
What’s good about purchasing a home right now in Chicago is that the market is offering quite affordable rates for purchasers, and these are destined to go up as the current year comes to an end and a new one begins. The current median home value in Chicago is around $226,400. The expected home-price hike predicted by Zillow, by the mid of 2020, will be around 1.5%. Chicago is currently considered as one of the best rental markets in the US. Therefore, it is an ideal time to invest in the private housing sector.
The Commercial Real Estate Sector of Chicago in 2019
Chicago’s commercial real estate market is also a hotbed for investors, venture capital firms, and with these, a growing ratio and strength of its job market. According to Crain’s Chicago, after being in an unconventional status during the 2017-2018 period, Chicago’s commercial property values have risen by almost 5% at the beginning of 2019, which is almost 2.5% higher than the preceding years of recession.
In terms of median rent price, the price in Brickell is $2,548, which is higher than the Miami median price of $2,450. Miami’s condo sales jumped 24.0% and condo dollar volume rose by 40.8% year-by-year. The sudden increase in Miami condo sales can be attributed to sales that were paid for in cash and ultimately had lower price ranges.
This elevation in Chicago’s commercial sector is a historical pattern with this symbolic city of the United States. According to the same tribune on Chicago’s commercial sector, it is worth noting that the local increase in Chicago’s commercial sector is a subsidiary force powered by the overall national. Commercial real estate market high of 2019.
Another quite crucial reason behind the surge, apart from the national increase, is the entrepreneurial sector of Chicago. Chicago is home to around 10 fortune-500 firms with likes of aeronautical giant. A robust job market and above-average employment ratio is also a factor which convinces the relocators, as well as new businesses, top open offices and offer jobs in plenty. This trend, by far, of housing and commercial sector growth in Chicago, is not expected to slow down anywhere near in the future.