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.
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.
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.
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.
Tony and crew were prompt and professional on the move out of our house and Terence and crew were prompt and professional on the move into our house. Very neat polite respected our furnishings and our time. A big shout out to Troy who was the lead mover on both…
My move went very well. All of the people working for you were great. That includes the office staff, the movers in Downers Grove and the movers in Goodyear. The drivers and movers on both ends worked diligently, carefully and did not waste any time. They were courteous and neat.
Thank you for your wonderful service. I wish I could remember the gentlemen's names because I would tell you how wonderful each one was. I use the term gentlemen because they were. So patient and efficient. I would definitely use your services again and would recommend Hollander Moving to friends…
Moving 3 times in 2 ½ years is not something Lynn would recommend to anyone. For us, it would have been impossible without the assistance of Chris and his crews at Hollander Moving and Storage. We’ve done home-to-home, home-to-condo and condo-to-condo moves. In each situation, we found Hollander’s staff to…
Overall we were very pleased with our experience with Hollander moving. Mr. Bello, our contact in Mexico was attentive to our needs and questions. The ATI packing team was outstanding. It was a pleasure to watch them work together--a real spirit of cooperation. The morning we were leaving Mexico we…
-Tom & Janice
Hollander Movers were better than excellent. My move from Park Ridge to Des Plaines went without a hitch. We even had to make a stop to pick up items from a storage locker. Nick's crew was very careful and professional and even helped with unpacking and hanging some pictures. If…
Yes, all the crew members were excellent. We would recommend you. The movers were work horses, very pleasant, and took care of all of our belongings with great care. We are waiting for a call back from Adrienne Ross about an issue. I spoke to her on Tuesday and she…
-Kay & Mel
We were very happy with our move with Hollander and will recommend to family and friends in the future.
Good company. Prompt, professional & friendly service. I would recommend them to friends.😊.