August Real Estate Market Update for Greater Chicago is all about Homeowners Take Note…
Rising home prices, higher interest rates and increased building costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. This gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
Free Offer: If you’d like a complimentary market analysis on your home at current market pricing and trends, reach out! It takes just a few minutes to provide me basic details, and I can deliver a personalized market analysis for your home. This is beneficial to you if you’ve considered selling, if you want to contest PMI or are just curious to see how much equity you’ve built!
Chicago has 77 neighborhoods, and real estate is LOCAL! If you have questions about your area, drop me a line and let’s chat.