Chicago, Illinois, is the third-largest city in the US - behind New York and Los Angeles - with a population of 2.7 million people and is known, amongst many things, for its rich cuisine. Nicknamed the Windy City and situated on Lake Michigan, if you are thinking of buying a home in Chicago or one of its suburbs, you can try reaching some of our real estate agents in Chicago IL, to get some invaluable help.
Housing Market in Chicago Illinois
Chicago is one of the hottest real estate markets in the U.S right now. While other housing market values declined, realtors in Chicago IL will proudly tell you their market remained steady and took less of a dip than most other major metropolitan areas. Of the residences in the city, one-third are located in lakefront neighborhoods, and real estate agents in Chicago IL will be able to direct you to the best ones.
The most common types of homes that can be found in Chicago are apartment complexes (40.9%) and small apartment buildings (29.4%). Those that wish to purchase a single-family home rest assured that approximately 26% of all housing types would fit their lifestyle. According to realtors in Chicago Illinois, as the city is heavily populated with a big influx of young professionals, around 56% of homes are rented.
Some websites have the median listing home price at $349,000 in Chicago, but real estate agents in Chicago IL will tell you that the median selling price drops by $39,000. That occurs in such big cities due to a high supply and a low demand as Chicago is experiencing a buyer’s market. This is a good thing if you’re thinking about investing in property there. Realtors in Chicago IL know that purchasing property in their city is a good long-term investment.
Job Market in Chicago, Illinois
As job markets go, having one of the largest and most diversified economies in the world makes Chicago one of the best places to work and invest in. With over four million employees and an annual gross regional product of $698 billion, Chicago’s job market made the city’s metro area the number 1 metro for corporate relocations and expansions. Realtors in Chicago IL, also know that their city’s metro area is also, for seven years running, the number 1 metro for foreign direct investment.
Today more than ever, visitors from Russia, Asia, and the Middle East are bringing investment dollars and buying up property throughout Chicago. The influx of tourism and money has resulted in steadily rising prices in some of the city’s tonier areas, real estate agents in Chicago IL say, such as the Loop, Bucktown, and the Lincoln Park areas.
There are several reasons for the upward trend in Chicago's market. First, Chicago remains a major tourist destination. Tourism brings dollars and interest in the area, and realtors in Chicago IL see this happen daily. Since the completion of the world-class Millenium Park on Michigan Avenue, tourism has increased from around the world.
Living in Chicago Illinois
Tourism calls for art and entertainment, right? Well, Chi-Town is world-class when it comes to that. The Art Institute of Chicago is the second-largest museum of art in the US and, of course, one of the Best Museums in the USA.
Living in this city allows realtors in Chicago IL to experience a wide variety of cultures and art. A variety of other forms of art are represented in the city as well, including The Chicago Symphony Orchestra, The Chicago Ballet, and The Chicago Opera Theater, as well as several famous theater groups performing in the area, such as the Goodman Theatre, the Steppenwolf Theatre Company, and the Chicago Shakespeare Theater. Not to mention sports, with beloved franchises like The Bulls, The Bears, The Cubs, The White Sox, and the Blackhawks.
So, smart real estate agents in Chicago IL will tell you that the city is great for living, but also very interesting for traditional long-term renters and people who like Airbnb renting better than conventional renting
. Whichever you choose, contact the local real estate agents in Chicago IL, for more advice about their beloved Windy City.