Fall in Chicago always looks good but now it’s also looking quite attractive for those in the real estate industry. According to a recent report from a local consulting firm Tracy Cross & Associates, new home sales were 3% higher this September than last. There was a decline however, but that was in the median price of new homes – a drop to under $350,000 in Q2 2018 and Q3 2018.
Tracy Cross’ EVP Erik Doresching explains this as being “from builders trying to gain some momentum [who were attempting to reverse a rather sluggish beginning to 2018, when year-over-year sales were down seven percent.”
Nationwide however, Chicago isn’t faring so well. In 2017 it was ranked 42 (out of 79 largest real estate markets) but this year it dropped to 49. Perhaps more noteworthy and concerning is that in 2016 it came in at Number 19.
Still, within the Chicago real estate industry there is some good news. For a mere $1, lots are available for purchase within the city. 4,000 of these are up for offer – spaces currently owned by the city throughout the South, Southwest and West. Thanks to the Chicago Large Lots Program (established by Mayor Rahm Emanuel in 2015), 2,000 lots have already been sold which are being utilized to “create new social spaces and to grow flowers and vegetables.”