Prices and Inventory for Real Estate in Chicago Going Up

July 23, 2012

Real estate in Chicago pricingEven though several sources are showing a pricing weakness in the Chicago metro area as compared with other cities, Redfin’s Real-Time Home-Price Tracker reflects pricing increases in June.

Chicago is one of 19 markets measured by Redfin, and while it didn’t perform the best in June, it also didn’t perform the worst. The year-over-year price increase was at .8 percent, and the month-over-month increase was at a healthy 5.7 percent.

According to Redfin, the “reason prices are largely increasing is simple: there aren’t enough homes for consumers to buy.”

In addition to measuring prices for real estate in Chicago, the index also measures home inventory. Overall, Redfin saw a decrease across the 19 markets in June, but Chicago did surprisingly well with a 8.1 percent month-over-month increase and a steady year-over-year increase.

The one area for which Chicago did not do well in June as compared to other markets is in percentage of newly-listed homes that went under contract within 14 days. The average across all 19 markets was 28.5 percent, but Chicago only came in at 9.8 percent.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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