New single-family homes in Chicago have been “selling like hot cakes,” according to a new report from Crain’s Chicago Business.
The big selling trend began two years ago, but things have continued to pick up steam when it comes to the city’s housing market. Single-family home purchases jumped by 50% in Chicago from 2012 to 2013, and so far this year sales are up again.
According to Ivona Kutermankiewicz of Koenig and Strey Real Living as things currently stand in Chicago, new homes are “selling before they are built.”
Additionally, the uptick in home sales in Chicago’s city core have covered the entire spectrum. New and existing detached homes, condominiums, townhomes and the rest are all attracting multiple bids and selling quickly. The best-selling price ranges for homes are from $500,000 to $900,000 and from $1 million to $2 million.
New homes in Chicago are increasingly attracting first-time homebuyers and first-time “move-up home buyers,” Crain’s Chicago Business reports. One builder told the publication these buyers are drawn by the fact they get a builder’s warranty, the latest in construction technology and new appliances that come with a manufacturer’s warranty.
This growing popularity in homes in the city core of Chicago is expected to continue unabated moving forward.