Home price trends have been a hot topic lately and we receive lots of questions about it.


It’s been confusing because there’s been reputable articles (NYTimes, WSJ, Barrons, etc) / YouTube videos / TikToks of doom and gloom and the looming price crash of homes due to rising rates and slowdown of transaction volume.


In short, the rate of price appreciation has declined, but in the Chicago metro market specifically, homes still appreciate in the low single digits compared to 2023.


This video below from the WSJ covers 80% of what we believe are the dynamics driving these trends for the majority of US markets, including Chicago Metro. The remaining 20% are factors we’ve seen in the market.


Housing Prices Rise Again, Despite Weak Sales: Inside November’s Existing Home Sales | Market Takes - YouTube ...

In this video we discuss the following tips for buying a condo in downtown Chicago. Please watch the video for the details.
1) Know your timeframe for living in Chicago. If you plan to be in Chicago for 1 to 2 years, it’s probably better to rent. If you are here for the longer term, approximately 3 or more years, you should consider buying. The breakeven point in terms of selling expenses would be approximately 3 to 4 years assuming the market does not change.
2) Know your price range. There are a lot of variables that impact the cost of owning your condo including taxes, monthly HOA dues, mortgage interest rates, down payment, etc. Knowing what you can afford is crucial and we recommend talking to a lender before starting your search to determine this.
3) What type of area would you like to live in? Chicago has many neighborhoods and each one is a little different. Do you need to be close to your office? Would you like to be in a less busy neighborhood or would you prefer to ...