Chicago’s real estate market escalates for 2013

Chicago homes prices upChicago’s real estate market is on the up and up, according to Chicagonow.com. In April, home sales in the city soared 32.5 percent compared to last April. People are buying homes here and the city has become a hot market.

The last time our home sales were up this high was in 2007. On top of that, demand for Chicago homes will most likely further increase over the next 12 months.

The median price of a home sold in April was $271,600, the highest level on government records going back to 1993, according to the Chicago Sun-Times. Steady job creation and near-record-low mortgage rates are spurring more Americans to buy homes.

Foreclosures are also trending downward in Chicago, and April hit the lowest level in five years, Chicagonow reports. But there is still a critical shortage of good home inventory in Chicago, making it extremely difficult for buyers to find anything decent. Single-family home and condo inventory as dropped. However, sellers and their agents are selling properties in record times.

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