Downtown Chicago real estate experiences a successful month of March
Real estate in Chicago, IL, is on the mend, as increases in market activity have grabbed the attention of local buyers and experts. March 2012 showed new signs of life for the Windy City, but many real estate professionals warn buyers and sellers to remain cautious until several months of upticks have been noted.
Nevertheless, Chicago real estate has experienced a recent surge of sales, as transactions rose 12.1 percent downtown to 1,626 homes, The Chicago Tribune reports. Median home prices also increased by 5.2 percent from last year, indicating that demand may be driving prices higher.
Overall, 2012 has been a positive year for many housing markets in the United States, and Chicago is no exception. First-quarter home sales in the city rose approximately 11.6 percent year-over-year to 3,950 units, although the median price declined 1.1 percent, the news source reports.
Many real estate experts say they believe low prices may be driving the latest home closings and increasing demand for property, which can help the market stabilize further. Chicago has its fair share of distressed property listings, but many of those homes are being snapped up. Home sellers who have the means to wait a few more months before listing their properties on the market may be able to get a higher amount in the future. With the economy improving, people may be more likely to spend a little extra on property down the line.