What The Real Estate Market Means For Condos And Property Values in Chicago - Hales Property Management

Abstract

Chicago's median home price in December 2021 was $288,000, up 8.5% from $265,000 in December 2020. That rate of growth means a home would double in price in about eight and a half years. In 2022, median prices are expected to grow continuously within a narrower and lower range than in 2021. With rates headed upwards, this may be the best the Chicagoland real estate market will be. In 2020, this could be a good time to buy and rent. The other important thing to consider is to buy an investment property. In 2012, this is a good place to buy or rent another place to live, and with less optimal mortgage rate than you would have gotten in the past 5 years.