Property Up reveals the best performing neighborhoods and suburbs in the Chicagoland area in November 2019. Property Up, a leading Chicago real estate agency, analyzes key market data and reveals the highest performing Chicago neighborhoods and suburbs.
The Chicagoland real estate market has been somewhat sluggish in 2019. For the month of October 2019, the median home prices (the midpoint price of all the homes sold in Chicago) were lower compared to the same period in 2018. The number of homes sold is slightly down as well.
Property Up, a leading Chicago real estate agency, analyzes key market data and reveals the highest performing Chicago neighborhoods and suburbs.
According to Property Up, their November 2019 data suggests that, overall, the market is balanced in Chicago. That means that there are aspects of the market that favor both buyers and sellers at this point. They estimate that it would take 7 months to sell the approximately 15,000 homes that are currently for sale in the Chicago market. Buyers seem to have had an equal preference for both condos and single-family homes.
There could be various factors at play when it comes to why the market is experiencing a slight slowdown compared to 2018. It could be a combination of unpredictable changes in property taxes, and uncertainty about Illinois’ economic outlook. These factors could contribute to making new home buyers hesitant to buying real estate in Chicago.
Best Chicago suburbs in November 2019
Some of the best performing suburbs close to the city are Franklin Park, Glendale Heights, and Round Lake Beach.
Homes are selling relatively fast in Franklin Park, and Property Up estimates it would take around 3.71 months to sell the 70-plus home that are on the market.
Round Lake Beach is another locality where the market is still performing better than most Chicagoland areas. In the beginning of November, there were 122 homes for sale, and Property Up predicts it would take 4.15 months for all of them to be sold.
Glendale heights is another option for those who are looking for a Chicago suburb that is a seller’s market. In Glendale Heights, there were 159 homes for sale in the market at the beginning of November 2019, and Property Up estimates, it would take approximately 4.32 months for all of those homes to be sold.
For those interested in a more upmarket area, Barrington homes for sale could be an option as well. Barrington is a highly-rated upscale Chicago suburb. However, right now the market heavily favors buyers, and it could be a good opportunity for those interested in living in Barrington.
Best Chicago neighborhoods in November 2019
Within Chicago, the Lawn, West Eldson, and Ukranian Village are some of the better neighborhoods, when it comes to how the real estate market is performing.
At the beginning of November 2019, there were 98 homes for sale in the Lawn neighborhood with an estimation of approximately 4.39 months for all of them to sell.
West Eldson’s 40 homes on the market can be expected to sell in the next 4.25 months. However, the median sold price of homes decreased from $209K in 2018 to $194K in 2019, during the month of October.
Another option for buyers could be Ukranian Village. The area has seen a recent influx of people moving in to the neighborhood because of its proximity to the city center, as well as its relatively affordable prices when compared to adjacent neighborhoods like Wicker Park and Bucktown. Currently, there are close to 950 homes for sale, and the market is balanced.
PropertyUp is a leading real estate properties sale data analyst in the Chicago area. They have also helped many homeowners sell their homes, as well as assist with all things concerning real estate, such as financing, insurance, home improvements, and more.
Contact Information
John Herman
source: https://propertyup.com/realty/chicagoland-real-estate-market-trends-in-november-2019/
Source: Story.KISSPR.com
Release ID: 12788
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