2013 Housing Market ReviewA Good Year
In 2013, we started our housing market recovery in Chicago. It was definitely a long overdue correction. Record low interest rates, low housing supply, and an increased confidence in our economy and/or people just needing to move forward with their lives were main drivers in this recovery. Even with low supply there was an 18% increase in number of homes sold in 2013 compared to 2012, and a 32% increase compared to 2011. Chicago's median home sale price increased 16% in 2013, from $180,000 in 2012 to $220,000 in 2013. While these are broad brush strokes and each neighborhood has their own story, what we can definitely say is 2013 was a good year for housing.
As we move towards spring and away from the Polar Vortex, it's a great time to start preparing for any moves you might be considering in 2014. Please don't hesitate to contact us if you have any real estate question or would like a market value snapshot of your home, property, or neighborhood.We wish you a warm, happy and prosperous 2014, and we look forward to being of service to you as your real estate needs arise.Sincerely, Annie Coleman Managing Broker