Illinois Association of Realtors predicts Chicago real estate to climb in 2016

Supply levels are motivating buyers to act quick and present competitive offers
  • Chicago's housing supply is at three months.
  • Chinese investors are the most active foreign buyers in Chicago, primarily acquiring condos.
  • A decline in distressed sales is benefitting overall home prices.

Last year, on a year-over-year basis, the city of Chicago saw a nearly 8 percent rise in total home sales coupled with a 7 percent spike in median price, according to the Illinois Association of Realtors. This year all indicators–primarily inventory levels–suggest similar year-over-year gains will occur.