December a Strong Month for Multifamily Home Sales
Multifamily home sales in the Chicago metro area are at their strongest levels since 2006. For those who are curious as to what defines a ‘multifamily’ home, the answer is that any condo or townhome falls into that category.
Townhomes especially are rising in popularity since many homebuyers are looking to live in locations with larger populations, but still want to enjoy the amenities that single family home communities offer, such as walking paths and outdoor pools. Townhomes and condominiums are also generally less costly than many single-family residences, which make them a great choice for younger first time homeowners.
In the Chicago metro area, Lake County saw the greatest rise in multifamily home sales, with an increase of 55 percent from December 2011 to December 2012. Strong increases in attached home sales were also seen in Kendall County, with an increase of 26 percent from December 2011 as well as DuPage and McHenry Counties, where year-over-year attached home sales increased by 23 percent in both locations.
Attached homes in the Chicago metro stay on the market for an average of 137 days, a decrease from 197 days in 2011. Will County townhomes and condos had the fastest selling rate, remaining on the market for an average of 120 days.
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