Chicago Real Estate Market Update – January 2025
The Chicago real estate market is showing promising signs of recovery as we head into 2025. Despite global economic uncertainties and fluctuating mortgage rates, the city remains a strong contender for both buyers and sellers. Here’s what to expect in the coming months:
- Home Prices Showing Steady Growth According to recent reports, the median home price in Chicago has experienced a modest increase of 2% over the past year, with a forecasted 3% increase for 2025. This is a positive sign for sellers who are looking to capitalize on the city’s resilience.
Source: National Association of Realtors (NAR)
- Increase in Housing Inventory The inventory of homes in Chicago is expected to increase as more homeowners decide to sell due to rising home values. This could provide much-needed options for buyers, especially in desirable neighborhoods like Lincoln Park, Lakeview, and Wicker Park.
Source: Chicago Tribune
- Mortgage Rates Stabilizing Mortgage rates, which have fluctuated between 6.5% and 7.5% in recent months, are projected to stabilize in 2025, hovering around 6%. This stability is a welcome change for buyers who have been hesitant due to rate volatility.
Source: Freddie Mac
- Interest in Suburban Properties Many Chicagoans are increasingly considering suburban properties due to a combination of remote work flexibility and more affordable options. Suburbs like Naperville, Oak Brook, and Schaumburg have seen an uptick in demand for single-family homes.
Source: Crain's Chicago Business
- Sustainability and Green Homes As environmental concerns grow, more buyers are looking for energy-efficient homes. Real estate agents in Chicago are reporting an increased demand for homes with eco-friendly features such as solar panels, energy-efficient appliances, and sustainable building materials.
Source: Zillow
Conclusion The Chicago real estate market remains competitive but is expected to offer more opportunities in 2025 with a stable housing inventory and stable mortgage rates. Buyers and sellers alike should stay informed about the latest trends to navigate this evolving market effectively.
For more personalized insights, feel free to reach out to Jessica Macey, your trusted Chicago realtor.
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