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The Chicago area again took the top spot in Zillow's ranking of the best real estate markets for homebuyers, an accolade that is unwelcome news to homeowners trying to sell their properties.
The real estate web site also tapped Chicago in July as the best buyer's market among the nation's 30 largest metropolitan areas.
To calculate its rankings, Zillow looked at selling prices versus list prices, the number of days a listing was on Zillow and the percentage of homes in a market with a price cut. Its ranking as the top buyer's market means properties in the Chicago area stay on the market longer, with more frequent price cuts and sell for less than their listing price, all factors that give prospective buyers more power at the negotiating table.
Among the local municipalities, Inverness, Lansing, Rolling Meadows, Winnetka and Darien were ranked as the top five markets for homebuyers. Sellers had the most negotiating power in Plano, Sycamore, Carpentersville, Elgin and Matteson, according to Zillow.
In November, Zillow identified Chicago as the only market of 30 it follows that experienced month-over-month home value declines in October.
mepodmolik@tribune.com | Twitter @mepodmolik
Chicago best housing market -- for buyers
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