So... what's happening?? Chicago sellers are still in a pretty good spot!
-During the recent housing boom of 2019-2022 the City of Chicago saw all City median price raise +24% (reported by Crain's Chicago Business). Soooo if you bought a $400,000 home in 2019 it may sell today for $500,000.
-Low inventory and 7% interest rates (to slow inflation) slowed unit sales in 2023
-2023 Year to date Closed Sales for ALL Properties in the City of Chicago is down almost -19%
-2023 Detached Single Family Home median price is down -7.7% over the same period of 2022
Interest rates may come down a little in the coming months but I feel low inventory + pent-up demand will keep asking and sales prices steady. Chicago (and much of the country) doesn't have a very good solution to the inventory problem as homeowners hang on to their 2% and 3% mortgage rates while affordable unit development does not keep up.
Please contact me at email@example.com to help you plan, buy or sell a home in this market. Questions... just ask!