CHICAGO—The spring season for home sales is about to begin, and a new poll by RE/MAX found that its brokers predict buyers will be more active in 2015 and pay significantly more than they did in 2014.
“Home prices in our area were fairly stable over the last half of 2014 after achieving solid gains during the spring market,” says Doug Hanscom of RE/MAX Properties in suburban Western Springs. “This year is starting off even stronger than last. We're seeing more properties going under contract at close to their asking price.”
The median sales price for homes in the Chicago metro area in 2014 was $195,000, or 9% higher than in 2013 and 22% more than the 2012 price. And the RE/MAX brokers now anticipate that prices will rise about 5% over the course of 2015 though they admit that stronger gains are possible.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
