March 2024 Chicago Housing Market Update: Hot Or Not?

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.

I’m here to give you the latest housing market update: The Chicago real estate market continues to be hot in March 2024, with a limited supply of homes available for sale. Here are three takeaways from last month’s update:

1. Inventory is slightly up. Currently, the Chicago market boasts a 2.21-month supply of housing inventory. While this represents a 28.7% increase compared to last year, it still remains a competitive market. With fewer options available, buyers and sellers should expect a fast-paced environment due to properties selling quickly.

2. It’s a seller’s market. The data reveals a clear advantage for sellers, with an average list-price-to-sold-price ratio of 99.1%. This means that sellers are getting close to their asking price, making it a great time to maximize their return on investment (ROI).

3. Buyers should act fast. Due to limited inventory and a competitive atmosphere, buyers should be proactive and have effective offer strategies to get their desired property. You can reach out to me and the team for guidance on crafting a winning offer.

Despite rising interest rates, Chicago remains a healthy market with steady appreciation in home values. So, if you are thinking of buying or selling but feel a bit hesitant because of market fluctuations, let’s talk. You can call or text me at 773-965-4100. We can schedule a conversation at your convenience. Whether you are a buyer or a seller, I’m here to equip you with the knowledge and confidence to make informed decisions.