Q&A with Domain Realty’s Adam Wavrunek
How would you describe the current state of Chicago real estate?
I would say the housing market is fairly stable overall. Some people have been surprised that the spring buying season didn’t quite go off with a bang like anticipated. I actually look at this as a positive. I think overall supply and demand are more in balance this year. That being said, there is still more buyer demand than there are active listings. But it’s definitely more in balance than the last two years.
In the hot neighborhoods in Chicago, it is still very much a seller’s market. That translates into prices still increasing, just not rocketing up like they were before. It’s more of a steady increase.
What areas are most popular in the city right now?
A lot of people are wanting to live in Logan Square and Avondale. The South Loop is popular too. And the West Loop is red hot right now. 
Logan Square and Avondale are pretty popular with growing families. A lot of buyers can get a better value there than further east or south in Bucktown or Wicker Park. Also, you would have to be living under a rock not to have noticed all the cool new restaurants and other additions to those neighborhoods.
The South Loop is still going strong with its access to the lakefront, short trip to downtown, and plenty of beautiful new buildings like Related Midwest’s new building on Prairie. There are some amazing units with some incredible views of the lake and city.
When you drive through the West Loop, all you see is cranes from all the new construction. Every week you turn around, there’s some new residential or retail development coming in. They’re so busy that a lot of the developments aren’t even negotiating prices. They don’t need to. It’s a take-it-or-leave-it situation. With plenty of new restaurants on Randolph and the surrounding area, new additions like the SoHo House Hotel being constructed on Green Street, and Google’s new office in the Fulton Market District, you can see why people want to live there. This is why I live there.
Photo credit: City of Chicago, SeeChicagoOnline.com