Here’s the Best Time of Year to Buy a Condo in Chicago | Chicago Luxury Condos for Sale | Luxury Living Chicago Realty (2024)

FAQs

What is the best month to buy a condo in Chicago? ›

Best Time to Buy a Condo

Based on the Chicago market, every season has its own set of advantages for potential buyers. For young home buyers, or anyone looking to save money, the winter months, specifically January and February, may be the best time to make an offer.

The Chicago Housing Market is good value, but price appreciation is much slower than coastal city real estate markets. With mortgage rates going up, the housing market overall should cool through 2023. But I still expect prices to go up in 2022 and 2022 given low inventory.

In fact, over the last decade, condos have routinely outpaced single-family homes in appreciation. Additionally, Chicago appreciation has proven that the Windy City is an excellent market for condo investments.

The average condo in Chicago costs around $438,000 compared to the average free-standing home price of $466,000. This noticeable difference makes condos a great option for first time buyers. The money you can save in your initial purchase is great for first time buyers with less disposable income.

A Chicago condo owner can expect to pay an average of $342 in HOA fees monthly. This number is on the higher end of the national averages, but not the highest.

Chicago housing market predictions

While some people have certainly moved away, the city's housing market is not about to crash. In fact, a forecast from the University of Illinois-Chicago predicts that median prices will climb to more than $341,000 by June.

Chicago, IL MSA: The forecast for the Chicago MSA suggests a moderate increase in housing prices. In May 2023, prices are predicted to rise by 0.3%, followed by a slight growth of 0.1% in July 2023. However, the most significant increase is expected in April 2024, with prices projected to rise by 1.5%.

Best month to sell a house

Late spring — specifically, the month of May — is the best time to sell a house. Homes sold in May net a 12.6 percent seller premium (the amount above the home's market value), based on ATTOM's analysis of single-family home and condo sales over the past 10 years.

Condos offer residents the opportunity to embrace homeownership without the hassle of yard work, snow shoveling, or home repairs. Building hallways, entryways, and community spaces are also taken care of by a cleaning or maintenance staff, so you only have to worry about your living space.

In Cook County, residences are assessed at 10% of fair market value. This means that a condominium unit or any residence within an association worth $300,000 should have a property tax assessment at $30,000.

Is Chicago real estate overpriced? ›

Chicago Real Estate Prices Are Reasonable

This also explains why housing prices haven't skyrocketed despite the limited supply. Chicago's inventory of homes for sale is very tight. Both attached and detached single-family home inventory has been declining since 2012.

Unlike other major cities that have limited space for new construction, Chicago has a vast inventory of existing housing stock. This means that there are more homes available for purchase or rent, which creates more competition among sellers and landlords, leading to lower prices.

Condo maintenance fees can vary wildly from $50 to $1,000. Again, there are a lot of factors that can affect the cost. Average condo fees, though, sit somewhere in the $300 to $400 range.

This is equivalent of $1,419 a week or $6,150 a month. Most salaries in Chicago range between $56,814 (25th percentile) to $89,562 (75th percentile) annually. Of course, salaries will vary depending on your occupation, experience, and many other factors.

Chicago has excellent access to transportation, making it an ideal location for those who prefer to live in an urban environment without relying on a car. The city's extensive public transportation system includes the “L” train and bus system, bike-sharing options, and water taxis.

Condo fees can range anywhere from $50 to $1,000 per month. The amount of the fee depends on a number of factors including: the size of the property. whether the building is a high-rise.

Within an HOA community, there is a potential threat of losing property due to unpaid taxes, HOA fees, liens, or foreclosures. Many HOAs have the power to attach a lien to properties in the community and subsequently foreclose on them. This typically only happens when owners fail to pay property taxes or HOA dues.

HOA fees vary drastically, but some estimates claim these fees range from $100 to $1,000 per month, with the average ranging from $200 to $300. The amount of an HOA fee varies based on the type of property and the amenities it provides—the more services and amenities, the higher the fees.

Chicago housing trends and stats

The number of home sales in the metro area has declined by 29.4 percent year-over-year. In the city proper, the drop is even steeper at 37.3 percent. Homes spend an average of 87 days on the market before selling in Chicago, per Redfin. That's a 23-day increase from a year ago.

Overall, home values increased nearly 9% year over year in 2021. The median listing price for a home in the area is $329,900, according to recent reports from November of 2021. Over the last five years, home values have grown by over 34%. The median per square foot list price for a home is $242.

Is Chicago housing market cooling? ›

Like most markets around the country, the overall sales volume in Chicago has decreased considerably since the market peaked last summer. The 2,168 homes that sold in the city last month was 25 percent less than 12 months prior, and suburban sales fell by 22 percent to 7,802.

Homebuyer.com data analysis indicates that, for first-time home buyers, June 2023 is a good time to buy a house relative to later in the year. This article provides an unbiased look at current mortgage rates, housing market conditions, and market sentiment.

In my opinion, real estate is one intelligent option to consider in 2023, as it often has excellent returns, tax advantages and provides diversification even in the face of a challenging economic climate. Real estate also has the potential to compound your investment.

A family of four estimated monthly costs are 4,147.9$ without rent. A single person estimated monthly costs are 1,152.6$ without rent. Chicago is 17.6% less expensive than New York (without rent). Rent in Chicago is, on average, 41.7% lower than in New York.

Improvements to the kitchen often yield the highest return for condo owners. The kitchen holds many areas for improvement including cabinets, countertops, sinks, faucets, and lighting. Often considered the heart of the home, the kitchen can make or break the perceived value of a condo.

Don't hesitate to negotiate. Most sellers set a high price, knowing buyers will want to bargain them down. To increase your chances for negotiation, research the average prices of the property in the area, find out how long the property has been on the market, and figure out if the seller is looking for a quick sell.

Possible restrictions on things like noise levels, parking, pets, smoking and even the style and colour of things like doors and window coverings.

Condos tend to appreciate steadily in value and offer a solid return on investment — but they come with their share of drawbacks too. Our goal is to give you the tools and confidence you need to improve your finances.

What Chicago suburbs have the lowest property taxes? ›

Chicago suburbs with the lowest property taxes include Indian Head Park, Burr Ridge, Glenco, and Long Grove, Illinois. When it comes to property taxes in Cook County suburbs only, Winnetka and Kenilworth are the lowest with 0.93% and 0.88% respectively.

The property tax rates for the city of Chicago vary depending on location but average around 6.697% for a single-family home. Your property tax bill will likely be between $2,500 and $6,388, but could be higher or lower depending on where in the city you reside.

Lake County collects the highest property tax in Illinois, levying an average of $6,285.00 (2.19% of median home value) yearly in property taxes, while Hardin County has the lowest property tax in the state, collecting an average tax of $447.00 (0.71% of median home value) per year.

Driven by a costly tax burden, Chicago's high cost of goods and services lands the Windy City in the top 10 for the most expensive 71 cities across the world, according to a new survey by UBS.

In addition to its rich history, delicious food, and stunning architecture, Chicago's surrounding area is also home to some of the most luxurious suburbs in Illinois. This list of the eight richest Chicago suburbs will guide you to the most expensive areas outside the city.

Glencoe, located north of Chicago along Lake Michigan, ranked the highest for Illinois at just over $3 million. It has a population of 8,849, as of the 2020 Census.

West Loop repeatedly ranks as one of Chicago's most walkable neighborhoods. As a centralized location, it's the perfect place if you want to kick it downtown. West Loop prides itself on a vintage and industrial aesthetic with contemporary, high-end amenities. Think exposed brick walls and unbeatable views.

On the other hand, when you purchase a condominium, you only own the specific unit. No land = less value. Also, it's likely that more condominium units can fit on single plot of land than single family homes, as condos are often built up instead of out. This higher supply of condos can in turn drive prices down.

It's always the board's decision in the end on how money is spent but it's your money, so help with ideas on how to save some if you can. And if the rationale is there and it doesn't impede the financials or the functioning and services of your building, then yes, condo fees can actually go down.

Inclusions are the services and amenities that come with owning a condominium unit. The fees include the services you get such as the Security, maintenance, janitorial, parking attendants, sanitation, clubhouse and common facilities.

What is a maintenance fee? ›

A maintenance fee is a charge that account holders may incur monthly just for having a checking account with a financial institution. Not every financial institution charges these fees (though many do), and they may not apply to every type of account offered.

In Illinois, the median household income is $72,205, and a middle-class income ranges from $48,377 to $144,410.

According to the study, a Chicago-area resident without children would need to make $65,500 after taxes to live comfortably. The study is based on the MIT Living Wage Calculator, which uses the cost of housing, food, transportation, medical care and more.

From November through February, you'll have far less competition for Chicago living spaces and moving resources. Moving companies are less in demand during the colder months, so you'll have a better chance of moving on the exact date you want.

A MacArthur Foundation/UIC data report analyzing Chicago Metro population trends also found that the lack of racial and economic equity and lack of affordable loans have caused people to move out of the region.

The perfect time to visit Chicago is between either April and June or September and early November.

The best times to visit Chicago are April through May and between September and October, when the temperatures are warm, a variety of festivals take place and crowds are manageable.

From November through February, you'll have far less competition for Chicago living spaces and moving resources. Moving companies are less in demand during the colder months, so you'll have a better chance of moving on the exact date you want.

Which season is rainiest in Chicago? ›

Annual precipitation in Chicago is moderate and relatively evenly distributed, the driest months being January and February and the wettest July and August. Chicago's weather is influenced during all four seasons by the nearby presence of Lake Michigan.

June leads all months with seven thunderstorm days, closely followed by July and August, each with six and May with five. April and September typically log four, March and October two, November one and the winter months of December, January and February average less than one.

July is the hottest month in Chicago with an average temperature of 23°C (73°F) and the coldest is January at -6°C (21°F) with the most daily sunshine hours at 12 in July. The wettest month is July with an average of 100mm of rain..

Weather in January

The coldest and snowiest month of the year is often January. With an average high of 31 °F (-1 °C), the temperatures range from 26 °F to 36 °F (-3 – 2 °C). The average low temperature this month is 17 °F (-9 °C).

HOW COLD IS CHICAGO IN SEPTEMBER? This month turns out to be a very pleasant month as far as temperatures, with less rainy days than in August. The long summer days are behind us now. Often the thermometer will reach over 60 °F (16 °C) in Chicago, with an average high of 75 °F (24 °C) and low of 54 °F (12 °C).

Best time to visit Illinois is from April to May and between September and October. Temperatures ranging from 15 to 30 C and some rain in June through August are still warm enough to explore the adventures and enjoy the scenic beauty of the state.

According to the study, a Chicago-area resident without children would need to make $65,500 after taxes to live comfortably. The study is based on the MIT Living Wage Calculator, which uses the cost of housing, food, transportation, medical care and more.

Winter is the cheapest time of year to move as the demand is the lowest and companies have more flexible schedules.

So, when is the cheapest time to move? Scheduling your move from late September to April will save you the most money. This window of time avoids peak moving season in the summer as well as the high demand for movers in the fall, up to early September.