Median Price For Condo Units In Chicago Is $304,000

The median price of a condo unit for sale in Chicago for the month of August is $304,000. This is around the same price recorded at the same period of last year. This is according to a report that was recently published.

The median price of a family home, on the other hand, is around $226,000. A monthly report published by the Illinois Association of Realtors revealed that the price is considered 2.5 per cent higher compared to the same month of last year.

Median price means that half of the properties sold are higher than the price while the other half is sold for lesser than the indicated median price.

According to reports, the real estate market within the city is still in a tight rope because fewer homes are listed for sale. Last month there were 8,962 homes only compared to the same time in 2015 with 10,507.

According to the president of Chicago Association of Realtors and also the vice president of Inland Real Estate, Dan Wagner, there has been a high surge in terms of late-summer purchases in the month of August which leads to higher sales that turned the annual gains positive. The bad news is that the inventories within the city show a considerable decrease of 14.7 per cent.

Wagner also said that August is the fifth consecutive month wherein the city has had a double-digit decline in number of homes listed. Record also shows that homes, no matter the type, are sold faster in the city. It used to take 45 days in between selling and now it only takes 39 days.

For the metro part of Chicago along with its suburbs, the median price of the condos for sale is $189,700 while the single family type of homes is around $250,000. This is considering both the gains of year-to-year. The same situation is happening as in the city where the homes listed are fewer than usual in August of this year compared to the same time last year.

If you are looking for Pattaya condominium for sale, then have no fear because there is still high supply of condo units in the area.