Zillow Metro Median Sale Price Per Square Foot in Chicago, IL for New Construction Homes (Jan-Nov 2023)

Fluctuating Trends in Chicago Real Estate Market Revealed: Median Sale Price Per Square Foot Analyzed

*Chicago, IL – March 6, 2024*

The real estate market in Chicago, Illinois, is a dynamic landscape where trends can shift rapidly, impacting both buyers and sellers. A recent analysis of the metro new construction median sale price per square foot sheds light on the fluctuating nature of the market throughout 2023.

According to data from Zillow, the median sale price per square foot for newly built houses in Chicago experienced notable highs and lows over the course of the year. In January 2023, the median price stood at $196.38 per square foot, with a slight decrease to $195.89 in February. However, March saw a more significant decline, with the price dropping to $194.63 per square foot.

Despite these early dips, the market rebounded in April, with a median price of $204.60 per square foot. This upward trend continued into May and June, which marked the peak months of the year, with median prices reaching $214.25 and $214.31 per square foot, respectively.

However, the market began to show signs of cooling off in the following months. July saw a notable decrease, with prices dropping to $201.82 per square foot. This downward trend persisted into August, with a median price of $201.35 per square foot.

September brought a slight uptick in prices, reaching $203.02 per square foot, followed by a plateau in October and November, with median prices remaining relatively stable at around $203 per square foot.

Analyzing the data further reveals interesting insights into monthly percentage changes. For instance, the months of March to April and April to May saw significant increases of 5.11% and 4.71%, respectively, indicating a period of rapid growth in the market. Conversely, the months of June to July experienced a notable decrease of 5.63%, reflecting a cooling off period.

Despite these fluctuations, the overall trajectory of the market remained positive, with the median sale price per square foot increasing from $196.38 in January to $203.22 in November.

Real estate experts emphasize the importance of understanding these trends for both buyers and sellers. For buyers, recognizing patterns in the market can help inform their purchasing decisions and identify potential opportunities for investment. Meanwhile, sellers can use this information to strategically price their properties and maximize their returns.

As we move further into 2024, it will be crucial for stakeholders in the Chicago real estate market to continue monitoring these trends closely and adapt their strategies accordingly to navigate the ever-changing landscape of the industry.

For more information and updates on the Chicago real estate market, stay tuned to trusted sources like Zillow and local real estate agencies.

Analysis of Metro New Construction Median Sale Price Per Square Foot in Chicago, IL (Jan-Nov 2023)

The median sale price per square foot of newly built houses in Chicago, IL, experienced fluctuations throughout 2023. Analyzing this data provides valuable insights into the real estate market trends in the city.

Data Analysis

The monthly median sale price per square foot, rounded to two decimals, is as follows:

– January: $196.38
– February: $195.89
– March: $194.63
– April: $204.60
– May: $214.25
– June: $214.31
– July: $201.82
– August: $201.35
– September: $203.02
– October: $203.35
– November: $203.22

Trends and Relationships

The data reveals the following trends and relationships:
– Highs: May ($214.25) and June ($214.31).
– Lows: March ($194.63) and February ($195.89).
– Overall, there is a fluctuating pattern with periods of increase and decrease throughout the year.

Monthly Percentage Changes

The percentage changes from month to month are as follows:
– January to February: -0.25%
– February to March: -0.64%
– March to April: +5.11%
– April to May: +4.71%
– May to June: +0.03%
– June to July: -5.63%
– July to August: -0.23%
– August to September: +0.84%
– September to October: +0.16%
– October to November: -0.06%

Closing and Ending Figures

The starting price in January was $196.38, and the ending price in November was $203.22. The analysis of the metro new construction median sale price per square foot in Chicago, IL, highlights the dynamic nature of the real estate market in the city. Understanding these trends can aid both buyers and sellers in making informed decisions.