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Chicago has a lot to offer, ranging from divers cultural attractions to fine cuisine. And if you are considering establishing in this city then acquiring information concerning real estate is a must. Success in purchasing a home may lie in the current situation of real estate affairs. 

Due to a sluggish economy and a large supply of available properties including suburbs homes, single family homes, Chicago condos and many more, the industry of real estate in Chicago was expected to move at a slower pace in the fourth quarter of 2004 and into the first quarter of 2005.

However, figures show a different situation as a search of local records in Chicago, Illinois demonstrates that 6,300 new homes were sold in 2004; an 80% increase in sales over the previous year. The bulk of those sales came in the fourth quarter, which is traditionally a slow sales period for real estate in Chicago. Chicago condos had much to do with this new situation since there had been an ever increasing demand of this real estate segment. Chicago condos were, in fact, in demand.

The interest in Chicago condos and not only was proven at the beginning of 2005, residential real estate in Chicago, IL didn't skip a beat in sales, contributing to new national home sales records and surpassing those set in the 1980's. Realty experts are citing the popularity of Chicago condos converted from apartment high rises as well as an influx of new first time buyers as major influences in this growth. Chicago condos, the industry of real estate in general, continue to attract a diverse group of buyers, including empty nesters and those looking to upgrade after selling their current home.

Sales of real estate were led by the sale of Chicago condos, which enjoyed a 3.4% increase in 2004. The demands within the segment of Chicago condos also led to an increase of just over 7% in the median price, placing pricing in the range of $211,000.

Real estate in the Chicago area saw a slight drop-off in single family home sales, with a nearly 5% drop from the previous year. This drop in market share is attributed to the desire of acquiring Chicago condos and, thus, the condo lifestyle. For those who think that this lack of interest in single family homes has brought about a drop in price, think again. You'll find that the price for a single family home in Chicago rose almost 10%, placing the median price at $279,000.

If you're interested in buying property in the Chicago real estate market, whether you prefer the city or a location in the suburbs, you must always keep in mind that may it be one of the Chicago condos or one of the many suburbs houses the new acquisition will be your home. So call or email your realty agent now so that you can begin a professional search for your future home.