Chicago Real Estate Market Named the Best for Buyers

December 14, 2012

chicago real estate market

The Chicago real estate market earned the top spot on Zillow’s list of the best real estate markets for homebuyers. This is the second time Chicago has appeared on Zillow’s list. Last July, the city ranked as the number one buyer’s market among the nation’s 30 largest metros.

The rankings are decided based on selling prices versus list prices, the percentage of homes on the market with a price cut and the number of days a listing was on Zillow. The number one ranking means that homes in Chicago stay on the market longer than in any other metro area, often sell for less than their listing price and are subject to frequent price cuts. These factors make it easier for homebuyers to negotiate during the sales process.

Chicagoland real estate agents should see the ranking as a positive sign that during the next few months, more buyers will show interest in the Chicago area, thus increasing home sales even more. If the current home inventory begins to decrease, builders will be motivated to launch new housing starts.

Even though Chicago is currently a buyer’s market, 2013 is still expected to be a great year for new construction and housing starts! It is estimated that 640,000 new homes will be built nationwide.

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