Here’s an overview of why the Chicago real estate market remains hot.
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.
