Chicago home prices reach record high as summer market sizzles
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It could be a sizzling summer for some Chicago home sellers, but many who nabbed a low mortgage rate feel stuck in place, local real estate broker Jeanne Keating says.
Why it matters: With the most fruitful house-selling season in full swing, we're checking out where the market stands.
What they're saying: Single-family homes, suburban digs and multi-unit properties that can be rented out for extra income are hottest, usually receiving numerous offers, Keating tells Axios.
- Condos can be a tougher sell if they come with steep association fees or rental restrictions, she says.
The big picture: Chicagoland home prices rose to a record high in May, soaring 8% from a year earlier, Redfin data shows.
- Home sales in the metro area fell roughly 2% year-over-year, mainly because elevated mortgage rates are dampening the appeal and affordability of home buying.
What's next: Mortgage rates could remain high for longer. The Fed signaled in June that only one interest rate cut is coming this year.