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The Growing Gap in New vs. Existing Prices of Single-Family Chicago Homes

Chicago, we have a home price gap.

The difference between new and existing home prices in Chicago grew from 10% in 2008 to 70% in 2016, according to a report by John Burns Real Estate Consulting.

The median price of a new home price in the Chicago area was $349,300 in 2016. By contrast, the median price of an existing home was $205,200.

(John Burns Real Estate Consulting, based in Irvine, CA and with offices throughout the US, provides independent research and consulting services related to the US housing industry.)

“This price gap has made it much more difficult for builders and developers to compete against a much more affordable resale market,” said Burns.

According to Burns, “While this doesn’t mean that similarly sized new homes are priced 70% above existing homes in the same neighborhoods, it does suggest new homes are increasingly targeted toward second and third move-up home buyers, meanwhile existing homes are satisfying demand from entry-level and first-move up home buyers.”

SpringView Investments concentrates its single-family Chicago rental portfolio in these entry-level existing homes where renters want to be - in stable, secure, family-oriented neighborhoods.

For more information on why you should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452.

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