By Mariah Rush | Chicago Sun*Times
Supply down, prices up: Chicago’s inventory of homes for sale in June was just over 4,200, a 13.8% year-over-year drop, according to the Chicago Association of Realtors’ latest report. With increasingly limited supply, prices also rose, with the city’s median home price rising to roughly $400,000, a 5.8% year-over-year increase.
Why is inventory so strained? The low inventory of homes may be due to some sellers not believing they have enough options to purchase a new home, said Erika Villegas, president of the Chicago Association of Realtors. “We have buyers probably lined up to sell their home,” Villegas said. “But then where are they going to go and buy a home if it doesn’t exist in the market today?”
What the median price will get you: That depends on the kind of home you’re looking for. In the Loop, we found a 1,200-square-foot condo, built in 2005, that’d come with $1,123/month homeowners association fees. In Logan Square, a similarly sized condo comes at the same price came with a $298/month HOA fee. In Austin, you can get 1,734 square feet. Check out more examples in the full story.
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