As of June, the Chicago real estate market was “somewhat competitive,” according to real estate firm Redfin. Throughout the city, homes receive three offers on average, and take about 54 days to sell.
In comparison, homes spend around 65 days on the market in Austin and around 70 in North Lawndale.
During the past five years, home sales prices in some West Side neighborhoods increased at a higher rate than the rest of the country.
Homes prices increased the most in North Lawndale, by almost 20%. On average, home prices increased 4% nationwide.
Austin homes also increased their prices during the past 5 years at about triple the rate than the rest of the country. Meanwhile, West Gafield Park home prices increased at about the same rate than homes across the United States.
Yet, within the city of Chicago, West Side neighborhoods offer more affordable housing than other neighborhoods. Neighborhoods like Austin have a great housing stock and offer buyers more for their money, said State Rep. LaShawn K. Ford.
Despite higher interest rates than those experienced during the pandemic, it is a good time to buy for those who are ready to purchase their first home, Ford said.
“Buy it now, because when the rates go down, then the prices go up. So buy lower now and you can always refinance to a lower rate,” he said.
