What does 2018 have in store for Chicago real estate? Predicting where real estate will go is always a tough proposition, but here are 3 trends we expect to see over the next year.
- An influx of jobs brings higher rents
The Chicagoland area is once again heating up as a location for corporate growth. One estimate states that the area will have 54,000 new jobs next year, which is expected to raise rents in the city by at least 2%.
- There are still deals to be had
While more popular neighborhoods like the Loop and Wicker Park have had strong price increases that eventually reached a plateau, other neighborhoods still show promise. In the Bridgeport/ Brighton area, prices have risen more than 50% since the recession, but still remain about 30% below their mid-2000s peak. Humboldt Park has seen price increases of roughly 15% every year since 2012, and shows no sign of slowing down.
To check on the health of a particular neighborhood, real estate listing website Zillow features a page with data on every neighborhood—here’s the one for Humboldt Park, for instance.
- More property taxes for homeowners
While Chicago’s real estate market has made an amazing recovery over the past decade, continuing rises in property taxes due to shortages in the city’s budget have made life more difficult for Chicago homeowners. These increases are certainly not helping Chicago’s real estate market, and with more increases planned for next year, this may have a dampening effect on home prices.
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