Housing Market Update: Key Trends to Watch

By Ressie Krabacher

As a local resident and top performing REALTOR® in Chicago, Ressie Krabacher is relentlessly focused on helping her clients move forward. She serves as an advocate and advisor for buying or selling, overseeing relocation, or adding home ownership to their financial goals.

The housing market is shifting. Do you know what it means for your plans to buy or sell your property? I’m giving you a market update so you stay informed of what’s happening in the market today.

Fewer homes are on the market. The number of homes on the market is dwindling, with fewer new listings coming in. This limited inventory means that well-prepared homes are still selling quickly, and competition remains strong in certain price points.

Steady prices. Despite the reduced number of listings, home prices continue to hold steady. On average, sellers receive about 90% of their original asking price, which means that well-priced and well-presented homes are moving swiftly.

Fast sales. Homes are still selling rapidly, indicating that buyers are ready to make quick decisions when they find the right property. If you’re considering selling, now is an excellent time to prepare your home to stand out in the market.

Affordability challenges. High home prices and current interest rates are making it tough for buyers to afford homes, which highlights how important it is for buyers to be smart and work with experts to get the most out of their budgets. There are still great opportunities out there, but you need to plan your home carefully.

What does it mean for buyers and sellers? If you’re selling, less competition can work in your favor. Pricing and preparation will still be key if you’re buying. Being prepared with the right financing and strategy will help you stay ahead in this competitive market.

At the end of the day, every situation is unique, and I’m here to guide you through it all. Contact me by calling or sending a message to (773) 965-4100 or ressie@kw.com for a free consultation. As always, I’m here to serve.