Is the Chicago Real Estate Market Primed for Investment Properties?

real estate market in Chicago
12 Jan 2023

Is the Chicago Real Estate Market Primed for Investment Properties?

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Thinking about moving to Chicago? The real estate market in Chicago is currently experiencing growth, with a high demand for housing in the city. According to market forecasts, the state of Illinois is expected to see positive annual growth in home values in 2023. Here are some facts to consider.

In the third quarter of 2022, the average home price in the Chicagoland area was $300,000, representing a 3.2% increase from the previous year. While the number of homes sold in the city decreased by 32% in the past month compared to the same period in 2021, median home prices have shown consistent annual and monthly growth.

The housing market in Chicago is currently balanced, with an equal demand and supply for homes. However, home interest rates are on the rise, which may impact the market in the coming year. On average, homes in the city are selling for just under 2% below asking prices, and rental prices have increased 22% since the fourth quarter of 2021.

Will the Market Hold in 2023?

Looking ahead to 2023, the housing market in Chicago is expected to continue its strong growth. Home values in the metro area have risen nearly 10% overall and are only expected to drop about 1% in the coming year. This makes the Chicago market favorable for those looking to invest in rental properties, as over half of the city’s population rents rather than owns. Chicago’s continually growing population and strong rental market make it a good opportunity for those interested in buying rental properties.

Where Should You Buy in Chicago? 

When it comes to choosing the best neighborhood in Chicago for purchasing rental properties, it’s important to consider a variety of factors. Some things to consider include the current and projected market demand for rental properties in the area, the average rental prices and potential for price appreciation, the quality of local schools and amenities, and the overall safety and desirability of the neighborhood.

Some neighborhoods in Chicago that may be good options for purchasing rental properties include Lakeview, Lincoln Park, and Wicker Park. These neighborhoods tend to have a high demand for rental properties and relatively high average rental prices, making them potentially good investments. Other neighborhoods to consider include Hyde Park, Edgewater, and Logan Square, which may offer more affordable rental prices but still have strong demand. Ultimately, the best neighborhood for purchasing rental properties will depend on your specific investment goals and budget.

Buying a Home in Chicago

If you are buying a home to live in for yourself, there are many opportunities to find something within your desired location and budget. Chicago is a versatile city with living options for people of all financial backgrounds.

If you’re planning a move to Chicago and are in need of reliable, professional moving services, Hollander Chicago Mover can help. We offer a wide range of moving and storage services to help make your transition to the city as smooth and stress-free as possible. Our team of experienced movers can handle everything from packing and loading to transporting and unloading your belongings, and we offer competitive rates and top-notch customer service. Whether you’re moving to a small studio or a large family home, we have the resources and expertise to get you and your possessions where you need to be. Contact us today for a free moving quote.

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