The Chicagoland area is an ever-changing landscape for real estate. Here’s what you can expect from the Chicago real estate market in 2017.
Neighborhoods
We’ll continue to see gains along Humboldt Park and Bucktown thanks to the opening of The 606 in 2015. West Town and Near North Side neighborhoods experienced a lot of developments and we expect more to come on the market in those neighborhoods. We also expect to see some growth in Lake View thanks to the Cubs!
Home Prices
For an up to date average sales and listing price for the Chicago area, look on the Trulia.com heat map. You can sort by name, average listing price, or median sales price. Mouse over the map to see what the average prices are depending on location. Want to know rental prices? Select Rental Price on the map key in the upper left.
Taxes
Last year’s property tax assessment increase may mean a higher rate of downsizing and moving this year. Expect to see residents opting to move outside of city limits to lessen their tax burden.
New Construction
At the Urban Land Institute meeting in early November, Dean Schwanke noted a crossover point with more baby boomers retiring and not enough millennials entering the workforce. This may result in a construction labor shortage that could slow growth on new construction. While we don’t expect a tremendous slowing of construction, we do expect some longer than normal delays. Coupling this with a building boom, be prepared to see more overlap in buying and selling times.
