In fact, nationwide flipping rates in the first quarter of 2020 were up from the previous quarter and year-over-year. The most current Chicago real estate market trends and forecasts for 2020, updated monthly and broken down to reveal what it means for home buyers or sellers. ]. We’ve discussed the profitability of Airbnb Chicago. We’ll answer two important questions regarding the Chicago housing market 2020 to help you make a smart investment decision: Related: 10 Best Places to Invest in Real Estate in 2020. According to Chicago real estate news in 2016, the city was a seller’s market. However, unemployment prevented homes from reaching their true potential at the time. The Best Neighborhoods in Chicago for the Traditional Rental Strategy We now move on to the second part of this blog. Copyright © 2020 FortuneBuilders, Inc. All Rights Reserved. The median home value in the United States, also according to Zillow, was $207,600 at the same time. While it’s too soon to tell how long it will last, it’s a safe bet to assume appreciation rates will return once the dust settles. While forbearance programs will keep people in their homes for the foreseeable future, there will come a day when mortgages must be made current. Chicago, however, is one of the few large cities where this trend is not so apparent. Most notably, home values didn’t start to recover from the Great Recession till the third quarter of 2012. The average home was worth approximately $218/sq. Despite having faced plenty of headwinds, real estate in Chicago benefited from an improving economy. To put things into perspective, however, the entire United States currently has a foreclosure rate of 0.6%. What’s the Best Airbnb Analytics Platform for 2019? More specifically, however, there are nearly 1,000 opportunities for investing in Chicago real estate. Should You Invest in the Phoenix Housing Market in 2020? The Windy City has a fairly high foreclosure rate. The rising number of tourists, on the other hand, will keep pushing the demand for Airbnb Chicago rental properties. Ohio Housing Market 2019: 5 Best Cities for Investment, The 20 Best Places to Buy a Vacation Home in the US at the Beginning of 2018: Part 1, Top 6 Airbnb New York Neighborhoods and More, Why You Should Buy a San Diego Investment Property Now, Airbnb Fort Lauderdale: Why and Where to Invest in 2020, Airbnb Occupancy Rate Up 13% as Market Recovers. According to Attom Data Solutions, “53,705 single-family homes and condominiums in the United States were flipped in the first quarter. Locations like the Boston real estate market, San Francisco real estate market, and New York real estate market are notorious for their expensive homes. In addition to more homes being flipped across the country, investors were also able to increase their gross profits in the first quarter of 2020. However, real estate in Chicago has taken a slightly different recovery path over the last decade. Are you thinking of investing in Chicago real estate? Home flipping continues to remain a viable option for investors across the country, and the Chicago real estate market is no exception. Hamza is a long-time writer at Mashvisor. Consequently, more people may be willing to buy, which would traditionally hurt the prospects of rental property owners. Despite being one of the largest metro areas in the country and the only primary market in the Midwest, however, home values were only slightly higher than the U.S. average at the time. According to the report, single-family homes in the Chicago housing market increased by a modest 1.3%. We now move on to the second part of this blog. The answer lies in four Chicago real estate market trends. Stay up to date with the latest tips for Traditional & Airbnb Investments, Chicago Real Estate Market 2020: Why and Where to Invest, 10 Best Places to Invest in Real Estate in 2020, House Hacking: Your Entry Into Real Estate Investing, Real Estate Supply & Demand and Your Decisions. People were willing and able to buy homes, which spelled great news for those interested in Chicago real estate investing. The city’s Airbnb regulations also require that hosts pay a 4.5% Hotel Accommodations Tax, 4% Shared Housing Subcharge, and 1% Cook County Accommodations Tax. Unlike most other metropolitan areas of a similar size at the time, The Windy City stumbled across a balanced market—one that favored both buyers and sellers. Over the next year, home values may experience a 2.3% decline. Above all, rental properties in the Chicago real estate market will be in high demand in 2020. Why should you invest in Chicago real estate 2020? The Chicago real estate investing community is lucky to have a number of viable exit strategies at its disposal, but none appear more attractive than building a proper rental property portfolio at the moment. In an attempt to buoy the economy, in fact, the Federal Reserve has announced interest rates will remain low for at least the next couple of years. In addition to lower borrowing costs, real estate investors may be able to justify today’s higher home values with years of cash flow. An Airbnb Chicago investment property has an average income of $2,598. FortuneBuilders is a real estate investing education and business development company, providing coaching, resources and tools to start a real estate business. 2020 Chicago Real Estate Investing Home flipping continues to remain a viable option for investors across the country, and the Chicago real estate market is no exception. With Mashvisor’s Property Finder, investors can find more profitable Chicago rental properties in 2020. 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