Most Chicago Single-Family Homes Are Selling Below Their Asking Price
By Gwendolyn Purdom in News on May 26, 2016 3:41PM
Single-family homes, via Matt/Chicagoist Flickr Pool
Though the median sales price for Chicago single-family homes is climbing, the good news for homebuyers is that most places in the city are still selling for below asking price, according to sales data compiled by OpenHouse.
While city renters face a market they increasingly can’t afford, buyers can still find deals in many—but not all—neighborhoods. Homes in hot spots like Wicker Park, West Town and Logan Square still fetch a premium and, according to Crain’s, are selling at least 25 percent faster than last year—a bump some attribute to the opening of The 606 trail.
In the last 30 days, 1,437 of the more than 2,500 homes sold in Chicago went for below asking price, the data says, while 643 sold for asking price and 495 went for more than asking price. (Even the stars seem to be following the market’s lead:Vince Vaughn may have sold his Michigan Avenue condo this week reports just days after relisting the home, now split into two units, with a combined list price more than a million dollars lower than last year’s asking price.)
The median listing price in May has been $320,000 so far, OpenHouse says. For single-family homes, the median sales price is up 24.7 percent from the same time last year, according to an Illinois Realtors report released last week, and condo sale prices are down by half a percent.