Chicago Housing Market Forecast
CHICAGO REAL ESTATE MARKET: RENTALS, TRENDS, AND INVESTMENT OUTLOOK.
by Marco Santarelli, Norada Real Estate Investments
T he Chicago housing market forecast for the three years ending with the 3rd Quarter of 2021 is positive. The accuracy of the Chicago housing market trend prediction for Chicago is 84 per- cent. Accordingly, LittleBigHomes. com estimates that the probability for rising home prices in Chicago is 84 percent during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Single-family rental homes have grown up to 30 percent within the last three years. Almost all the housing demand in the U.S. in recent years has been filled by single-family rental units. As per the data from the real estate company Neigborhoodscout. com, the median house price in Chicago is $265,071, which is well above the national average. Large apartment complexes or high-rise apartments are the single most common housing type in Chicago, accounting for 40.94 percent of the city’s housing units.
One- or two-bedroom units are chiefly found in the large apart- ment complexes or high-rise apart- ments of Chicago. Currently, there are 3,608 single-family homes for sale in Chicago, IL on Zillow. Additionally, there are 482 single family homes for rent in Chicago, IL. Under potential listings, there are about 284 Foreclosed and 2,450 Pre-Foreclosure homes. BEST AREAS TO INVEST If you are looking to buy Chicago rentals, you should know the best places to invest in. The three most important factors when buying real estate anywhere are location, loca- tion, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Chicago real estate and you should be able flip it for a lump sum profit. The running costs for owning and managing a Chicago invest- ment property should be low. The neighborhoods in Chicago must be safe to live in and should have a
low crime rate. The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties. There are 81 neighborhoods in Chicago. Some of the best neigh- borhoods in Chicago, Illinois are Near North Side, Lakeview, and Lincoln Park. Lincoln Park has a median listing price of $649.9K, making it the most expensive neighborhood. Auburn Gresham is the most affordable neighborhood in Chicago, with a median listing price of $177.9K. Here are five of the best neigh- borhoods to invest in Chicago rent- als because they have the highest appreciation rates according to Neigborhoodscout.com: 1. N California Ave / W Division St 2. W North Ave / N Artesian Ave 3. W North Ave / N California Ave 4. W Bloomingdale Ave / N Hermitage Ave 5. W Division St / N Campbell Ave
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