Positive reports regarding real estate activity have been popping faster than springtime flowers all over the country! In Chicago, home sales and appreciation rates have been inching upwards in what looks to be yet another upbeat market. Online real estate tracker, Trulia.com, recently examined the Windy City’s housing stats for the period between April 3rd through April 24th.
The average price per square foot for Chicago was recorded at $198. This price reflects a y-o-y increase of 59.7 percent. Considering that Chicago is recognized as one of the world’s most dynamic cities for business, commerce, popular culture and the arts, it is not surprising that it is coming back strong. As the 3rd largest city in the U.S., it is home to the world’s second busiest airport – O’Hare International. It attracts new residents from around the world, especially with its notoriety as an alpha+ global city, a designation given by the Globalization and World Cities Research Network. Chicago, which was incorporated in 1837, is currently ranked 7th in the Global Cities Index because of its importance as an international hub for finance, commerce, industry, telecommunications, and transport. [Continue reading]