This month, @properties released its newest edition of @ The Market, a quarterly webcast that keeps consumers and agents updated on the current trends in the Chicagoland real estate market.
In it, not only did @properties cofounders Thad Wong and Mike Golden share their predictions for where the market will be headed over the next year, they also forecasted trends that buyers and sellers will likely see in the coming decade.
The webinar started with a discussion about market growth in 2020 and the coming decade. Both Wong and Golden were quick to point out that, although many have been concerned about the slow market growth that occurred in 2019, it is nothing to fear moving into the next decade. “The good news about slow growth is that we are not anywhere near peak pricing like 2005 to 2006. There is still opportunity for growth, and if anything, we are in an undervalued market,” Golden said.
Wong also pointed out Chicago’s strength as an industry magnet. “You’re going to see a lot more corporations moving here and a lot more job creation as a result which will yield appreciation for home values,” he said.
Both Wong and Golden agreed that Garfield Park and Bronzeville are up-and-coming neighborhoods to watch in 2020. They also predicted that projects that may be breaking ground soon, such as Lincoln Yards, The 78, and the Burnham Lakefront on the former Michael Reese Hospital site, will become the city’s newest hotspots in the coming decade.
As far as which mega-project has the most potential for transformation, both agreed on The Burnham Lakefront project. “It’s a hundred-acre site on the lakefront, but it also has a tremendous opportunity to have a massively positive impact on that area and will really bring it up,” said Mike Golden.
As far as the suburbs are concerned, Golden and Wong named Skokie and Lake Forest as two Chicagoland areas that will be hot for buyers and sellers alike in 2020.
In terms of what real estate professionals can expect in the next decade, both Wong and Golden agreed that the 2020s will be strongly influenced by millennials buying homes and properties as they begin to turn away from rentals and toward property investment.