WHY CHICAGO AND ITS SUBURBS ARE THE MOST INCREDIBLE PLACES TO LIVE IN THE UNITED STATES!
In 2021, the median home sale price for the Chicago area increased by almost 12 percent, according to the Illinois Association of REALTORS®. The demand for property in the suburbs rocketed during the pandemic. This trend has continued during the year of 2022, with downtown Chicago also seeing buyers return to the city as life slowly returns back to normalcy.
The third largest city in the United States, Chicago, and its surrounding areas offer potential buyers a wealth of cultural attractions, including the world-renowned Art Institute of Chicago, as well as numerous museums and theaters. Not to be outdone by its fellow Great Lakes, Lake Michigan boasts its own share of charms, including beautiful beaches, waterfront restaurants, and plenty of recreational activities. Plus, property near the lake is competitively priced when compared with major coastal cities like New York and Los Angeles.
The suburbs outside the city are a great option for those who want generous lots and easy access to the city for work and leisure. There are many different suburbs to choose from, each with its own downtown area. Luxury Defined talks to the experts and takes a closer look at the investment potential and market trends in the North Shore, Hinsdale, and Chicago. They examine what is driving growth in these areas and explore whether now is a good time to buy or sell a luxury home.
THE NORTH SHORE
The North Shore is one of the most desirable places to live. It has beautiful beaches, fantastic restaurants, and great shopping. The North Shore is also a great place to raise a family. There are excellent schools, and the community is very friendly.
ON THE MARKET
This exquisite English-Style Tudor home, set in 0.6 of an acre (0.2 ha), has been transformed by a two year refurbishment to blend original architectural details with modern light filled spaces. The result is a stunning and unique home that is sure to impress everyone who sees it. One of the most impressive features of the house is the 1913 prohibition room, which can be accessed through a hidden stairway. This room has preserved original wall writings, making it a truly unique space. Meanwhile, the grand rooms have been reworked to improve flow and increase natural light. This was done by adding custom-made French doors and windows featuring antique glass, and solid brass hardware.
MAGICAL HINSDALE
Hinsdale is a desirable location for many of the same reasons as the North Shore. Its proximity to Chicago (20 miles away) and its location between two major airports make it a convenient option for many people. Additionally, its charming atmosphere makes it feel like it could be straight out of a movie.
The real estate market in Hinsdale thrived during the pandemic, and Riberto says some buyers looking for more space are moving to the area from urban areas with their young families. Relocation buyers are also on her radar. Many are drawn to Hinsdale for the city access. “For a while, there was a trend among millennials to raise families in the city, but the pandemic changed that,” she says, noting that this generation is following similar life paths to their parents but doing so later.
The pandemic has encouraged more buyers to seek additional space, creating what Riberto describes as a “frenzied market.” She says, “The demand year-over-year is consistent, but what’s variable is supply—our inventory is 40 percent lower than last year.” She predicts inventory—calculated by the number of active listings and pending sales on the last day of the month—will increase from one month to three by the end of the year.
Riberto reassures potential buyers that those looking for a long-term home, a “buy and hold,” will continue to do well. For investors looking to add to their portfolios, she recommends apartments and small single-family homes—both property types are in short supply and high demand.
Riberto believes that the market will eventually stabilize and become more open for buyers as inventory gradually increases. She states, “We’re moving away from the frenzy to a steadier market—interest rates and the economy will slow the market down, which is needed.” Her overall outlook suggests that although things may become slower paced, it is necessary in order to create a more balanced housing market.
Read More: Christie’s International Real Estate