Online real estate portal Zillow recently released its Buyer-Seller Index for Chicago, which shows which neighborhoods in the city most favor buyers or sellers. Results show that as a whole, the Chicago real estate market continues to tilt towards buyers.
Zillow determined which neighborhoods in Chicago are best for buyers or sellers by looking at things such sales-to-list price ratio, number of days on the market and rate of price cuts. Given those indices, here are the Chicago neighborhoods considered to be the best seller’s markets:
- Near West Side
- Logan Square
- River North
- East Village
- West Lawn
In its analysis of the study, Chicagomag.com points out first four neighborhoods listed are considered to be “trendy” and highly-desirable and therefore have seen real estate rapidly appreciate. Inventory is also in short supply in these markets, which has helped to drive up prices.
Here are the five best buyer’s markets in Chicago:
- Beverly
- Garfield Ridge
- Gold Coast
- Streeterville
- Lakeview East
These neighborhoods are among the most established in Chicago. Beverly, the top buyer’s market in Chicago, is located in the city’s southwest. It is considered to be a little off the beaten path, but home prices are low and there are deals to be had for those willing to live a distance from the city core.
This is good information that should give you an idea of the best real estate markets in Chicago , and the conditions of a particular neighborhood.