How has the Chinatown & Bridgeport real estate market doing for the first half of 2019? One word: Hot. Two words: Going Strong. Three Words: Time to Sell!
We pulled the real estate sales data for the last three years so you can see a clear appreciation trend. Generally, newly built houses fetch a higher premium, and the price is increasing nicely. This year’s median sales price of the newly built houses is $642k.
Although we are seeing a moderate increase in housing supplies in the market, it is still below supply-demand balance, meaning, it’s still a seller’s market for the Chinatown & Bridgeport area. Compared to many other neighborhoods in the Chicago area, this area is going strong! If you want to sell your home, now would be a good time.
Now for a little bit of pricing strategies, the above chart shows the final closing price compared to the original listing price. For example, the red bars are houses sold for less than $300k, and in 2019, the sold price is on average 94.7% of the listing price. So if a house is listed at $280,000, it’s most likely sold at $265,000.
For houses priced between $300k and $500k, the value typically holds up well, buyers can not get too much discount, only 2-3%.
Sellers, you should now have a realistic expectation of how much your house could get.
And buyers, you can use this information as a benchmark when you want to submit an offer.
If you are selling your house, and it’s been on the market for 2 weeks but there has been no interest, don’t worry.
The above chart is the average marketing time for houses in different price ranges before there is a contract.
Chinatown & Bridgeport area’s houses are typically sold faster than Chicago average. Especially for houses between $300k and $500k, typical houses gets under contract within a month.
The chart also shows that 2018 showed strong demand than 2019. But we don’t see any alarming trends yet. For luxury homes priced over $800k, it’s typical to have big fluctuations of marketing time as the demands are more sporadic.
Now if you choose Realex Realtor to sell your home, not only can you get to take advantage of the hot housing market, but you also get to save up to 3% of realtor’s commission because we only charge a flat fee, starting from $1500.